Ghana

The Bank of Ghana has finally increased the minimum capital requirement for commercial Banks to ¢400 million from ¢120 million.

Ghana's central bank cut its monetary policy rate by a further 150 basis points to 21.0 percent, saying the trend of disinflation is likely to continue until the end of the third quarter and expected stability in the exchange rate should help ensure price stability.

Ghana's central bank cut its Monetary Policy Rate (MPR) by another 100 basis points to 22.50 percent as inflation and inflation expectations are trending downwards and said it would take "necessary policy action to move headline inflation towards the medium term target."

Fitch Ratings has revised the Outlook on Ghana's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to Stable from Negative and affirmed the IDRs at 'B'. Fitch has also affirmed the issue ratings on Ghana's senior unsecured foreign and local currency bonds at 'B', as well as the 'BB-' rating on Ghana's USD1 billion partially guaranteed note. Ghana's Country Ceiling and Short-Term Foreign and Local Currency IDRs have been affirmed at 'B'.