Vehicles travel along a road in Accra, Ghana, October 23 2020. Picture: GETTY IMAGES/BLOOMBERG/CRISTINA ALDEHUELA
“The uncertainty surrounding price development and its impact on economic activity is weighing down business and consumer confidence,” the bank’s governor, Ernest Addison, told a news conference. “The risks to inflation are on the upside.” Restaurants and bakeries have downsized menus and laid off staff. The national taxi drivers union has threatened to strike over spiralling fuel costs.
Addison blamed that in part on recent downgrades by credit ratings agencies Moody’s and Fitch, which he said shook investor confidence.
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