Ghana

The Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 14.5 per cent, citing improved outlook to growth and inflation.

Ghana's central bank left its policy rate steady, saying "some monetary restraint" is needed as the budget deficit and inflation has risen following the extraordinary fiscal and monetary stimulus measures that were taken to boost economic activity during the COVID-19 pandemic.

Ghana's central bank left its monetary policy rate steady at 14.50 percent due to elevated risks to inflation after an exaggerated rise in food prices following two episodes of panic buying of food before fumigation of markets across the country and the partial lockdown in the two largest cities.

Moody's Investors Service has affirmed the Government of Ghana's long-term local and foreign currency issuer and foreign currency senior unsecured bond ratings at B3 and changed the outlook to negative from positive. Moody's has concurrently affirmed the local and foreign currency senior unsecured MTN ratings at (P)B3 and the rating of the bond enhanced by a partial guarantee from the International Development Association (IDA, Aaa stable) at B1.