Ghana currency depreciation: tough time ahead for the population

Ghana Central Bank has recently announced that it would be maintaining the country's policy rate at 29 percent. Earlier this year, as inflation seemed to be slowing down with the economy showing some signs of recovery, there were high expectations that this rate was going to go down. For businesses in Ghana, this may not be good news as this rate has implications for interest rates for on their loans that they use for work and also. The exchange rates in the country. Making money, but then when you converted to the dollars or whatever currency you are buying, you're losing in your life. You ask business guys, you don't lose your income. So if it's about perfect, I will push to the final consumer. Ghana goes into a crucial election in December. This year and election related expenses made through the country's budget. Out of Kiev, as has been the case in previous voting years, analysts fear tough times may still be ahead of the country as the central bank barely has any room to further bring down the policy rate. Giving the election uncertainty, giving also the lack of progress that we are making in terms of restructuring of our debt, of course. We've seen some good news in terms of securing the Mou and the rest of them. That delay and all of that is such that there isn't considerable room for the central bank to take their legs off that celebrator. The IMF has said that the country has made some gains in bringing its economy back on track, but for many Ghanaians, that is yet to trickle down.