Ghana's 27% Monetary Policy Rate: Africa's Highest

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Derick Xatse, economist and financial analyst, discusses Ghana's monetary policy rate, which stands at 27.0%, the highest in Africa according to the World Bank's October 2024 Africa Pulse Report. In comparison, Nigeria's MPR is slightly higher at 27.25%. The Bank of Ghana and other regional central banks have maintained elevated interest rates to manage inflation expectations and steer their economies toward inflation targets. While some African nations may soon lower rates as inflation stabilizes, Ghana faces economic challenges, including currency depreciation and rising costs. The recent200-basis-point rate cut is the second since2021, but experts warn that further reductions may be postponed to ensure inflation expectations are anchored, and the economy is stabilized

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