Ghana’s seventh aid program with the International Monetary Fund since 1967 is proving less helpful than it’s 2009 bailout, when interest rates fell. This time around, Bank of Ghana Governor Kofi Wampah has had to counter inflation by raising rates 500 basis points since April, when the IMF approved almost $1 billion of emergency loans. With key borrowing costs at their highest level since July 2003, yields on benchmark Treasury bills aren’t benefiting from IMF assistance as the Washington-based lender cautions policy makers to act more aggressively if inflation doesn’t ease.
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