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Fitch Ratings has downgraded Ghana's Long-Term (LT) Local Currency (LC) Issuer Default Rating (IDR) to Restricted Default (RD) from 'C'. The issue ratings on local-currency bonds issued domestically have also been downgraded to Default (D) from 'C'. Fitch has affirmed Ghana's Long-Term Foreign Currency (FC) IDR at 'C'. Fitch typically does not assign Rating Outlooks to sovereigns with a rating of 'CCC+' or below.
Ghana's central bank announced a 100 basis points hike in its benchmark lending rate Monday to restrain inflationary pressure and support macroeconomic adjustments.
The Ghanaian cedi has been ranked the second weakest currency among the top 15 currencies in Sub-Saharan Africa.
Ghana's consumer inflation rate surged to 54.1 percent in December, a record high, the Ghana Statistical Service (GSS) said Wednesday.
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