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JOHANNESBURG, Sept 25 - The Bank of Ghana is expected to complete its hiking cycle later on Monday as its economy shows signs of falling inflation after 1,650 basis points of hikes over the last two years, a Reuters poll found on Monday.
Ghana's inflation is still well above the central bank's 6%-10% comfort level despite slowing to 40.1% in August on a year-on-year basis from 43.1% in the previous month. Inflation problems in Ghana - as well as in continental giant Nigeria - can largely be attributed to a commodity price slump almost a decade ago from which these oil exporting nations never fully recovered. Their huge reliance on commodity prices to bring in dollars has hampered their home currencies.
Dennis Shen, senior director at Scope Ratings said taming inflation in Nigeria was likely to be one of the main challenges under the newly-appointed central bank governor as exchange-rate liberalisation would continue to lead to higher domestic prices over the coming months.
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