Read: Kenya raises policy rate to 13pc, the highest in 12 yearsA market report by economists at Oxford Economics Africa shows that the past two weeks have delivered several surprising monetary policy decisions across Africa. AdvertisementThis follows an unexpected policy rate hike by Egypt and surprising dovish pivots by Ghana and Mozambique. “It is now also clear that Pan-African monetary policy synchronisation is over,” the economists said. The BoT Monetary Policy Committee met on January 18, the first-ever meeting in which the banking regulator began implementing monetary policy using interest rates. “This forward-looking framework is expected to improve the effectiveness of monetary policy in the changing economic environment,” BoT said in a statement.
