Kenya’s elections, Bank of Ghana in panic mode

Deputy President William Ruto was this week declared winner in Kenya’s presidential election, but the result is being challenged and the threat of violence lingers. Even if that is avoided, Mr. Ruto will face major economic challenges. Elsewhere, recent sharp falls in the cedi prompted the Bank of Ghana to deliver an emergency 300bp interest rate hike. A deal with the IMF will need to be secured soon if Ghana is to soothe investors’ concerns about the worrying direction of the public finances.