Fitch Ratings has affirmed Ghana's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

The Bank of Ghana has revoked the licenses of 5 banks namely; uniBank Ghana Limited, The Royal Bank Limited, Beige Bank Limited, Sovereign Bank Limited, and Construction Bank Limited. Consolidated Bank Ghana which has been granted a universal banking license will be the Receiver of the 5 banks.

The Bank of Ghana announced on Monday its decision to hold the benchmark policy rate at 17 percent.This decision comes in the wake of rising headline inflation and currency depreciation.

Ghana's central bank lowered its monetary policy rate by a further 100 basis points to 17.0 percent on subdued risks to the inflation outlook and "while global and domestic developments do not yet pose a threat to inflation in the near term, recent changes in global financing conditions and its impact on emerging market asset classes requires some vigilance."