In brief
- The Bank of Ghana delivered a 250bps hike in the monetary policy rate to 27.0% at the November 2022 monetary policy committee meeting
- In view of the potential price pressures from the proposed tax measures in 2023 and a lingering FX uncertainty, we reckon a final policy rate hike of up to 200bps could be on the cards in 1Q2023
- A bearish near-term outlook on the external accounts, but debt restructuring could ease the pressure in 2023
- The weakening economic activity will culminate in a lower real GDP growth in FY2023
- Banking sector remains profitable but risk to financial soundness is mounting
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