Bruised Cedi Makes Ghana's Rate Decision a Toss-Up: Day Guide [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: BNN Bloomberg
A spurt of price pressures in the private sector, slower-than-expected disinflation and the battered cedi have clouded the outlook. The uncertainty has left economists split in predicting the central bank's move. JPMorgan Chase & Co. and Absa Group Ltd. are among the slight majority expecting the monetary policy committee to leave the benchmark interest rate at 29%, when Governor Ernest Addison gives the panel's decision in the capital, Accra. BancTrust & Co. Investment Bank and REDD Intelligence are among those predicting a cut, according to a Bloomberg survey. “With the currency under pressure, we believe that the MPC could delay its policy rate cut to September although it is likely to be a close call,” said Absa economists led by Ridle Markus in a research note. Heightened inflationary pressures from a hike in electricity and water tariffs in July and the steep depreciation in the cedi against the dollar this year may also make it reluctant to lower rates, they said. Sign u
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