Ghana maintains interest rate after economy protests

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STORY: Ghana's central bank held its main interest rate at 30% on Monday (September 25) - following several days of anti-government protests driven by anger over economic hardship.

The West African cocoa, gold and oil producer has been grappling with its worst economic crisis in a generation.

That's been characterized by double-digit inflation and ballooning public debt.

However, Bank of Ghana Governor Ernest Addison said on Monday that the "policy mix" under a $3 billion International Monetary Fund support package, approved earlier this year, was "beginning to yield results".

He said economic activity has rebounded strongly, the exchange rate is stabilizing, inflation is declining and that the level of foreign exchange reserves had improved.

But Ghanaians like Romeo, protesting in the capital Accra on Saturday (September 23) say they are struggling to get by.

"The average Ghanaian can't afford three square meals. This is very, very dangerous for the whole country."

In August, Ghana's inflation slowed to 40.1% on a year-on-year basis from 43.1% the previous month.

That was, however, still well above the central bank's target of 6-10%.