Ghana: Factory Gate Inflation Dips

Today has been a very quiet day for African economic data.

Ghana producer price inflation (otherwise known as factory gate or wholesale price inflation) dipped again in June to 3.5% y/y. This will reassure the Bank of Ghana that its 150bps cut in the benchmark policy rate to 21% on Monday was warranted. The Cedi slipped by 0.51% against the USD to 4.3900. However, the GSE-Composite Index continued its recent surge with a 1.56% gain. The Ghanaian stock market has been the best African performer over the last month with a 16% climb.

Only South Africa's June PPI is scheduled for release tomorrow. But look out for Zambian and Kenyan July inflation on Friday .