Core Insights - The non-performing loan (NPL) ratio in Ghana's banking sector has decreased from 22.7% in October 2024 to 19.5% in October 2025, a reduction of 3.2 percentage points over twelve months, attributed to a rebound in credit and a contraction in total NPLs [1][1][1] - The Bank of Ghana aims to further reduce the NPL ratio to a maximum of 10% by December 2026, necessitating significant improvements in credit management and loan recovery capabilities among banks [1][1][1] - The central bank has lowered the monetary policy rate from 21.5% to 18%, a decrease of 350 basis points, to stimulate investment and economic activity [1][1][1] - As of October 2025, Ghana's international reserves reached $11.4 billion, equivalent to 4.8 months of import cover, providing a foundation for exchange rate stability and macroeconomic support [1][1][1] - The decline in the NPL ratio indicates enhanced asset quality and risk management capabilities within the banking sector, suggesting a gradual recovery from the impacts of debt restructuring [1][1][1]

Group 1 - The core inflation rate in the U.S. is expected to rise by 3.1% year-on-year in September, up from 2.9% in August, marking the highest level since May 2024 [1][3] - The market anticipates that the Federal Reserve will lower interest rates by 25 basis points in the upcoming meetings in October and December, with a 97% probability of rates dropping from the current range of 4%-4.25% to 3.5%-3.75% by year-end [1][3] - The upcoming CPI report is expected to show a month-on-month increase of 0.4% for CPI and 0.3% for core CPI, with analysts noting that service prices, particularly housing, are cooling while goods inflation may accelerate due to tariffs [3][4] Group 2 - The ongoing U.S. government shutdown is causing delays in the release of key economic data, making the September inflation data critical for Federal Reserve decision-making [4] - Analysts suggest that a significant upward surprise in the core CPI could lead to a reassessment of the likelihood of rate cuts in December, potentially strengthening the dollar against other major currencies [4] - Technical analysis indicates a bullish trend for the dollar index (DXY), with key resistance levels identified at 99.50 and potential further gains towards 100.00 and 100.80 [4]

Core Viewpoint - The former Federal Reserve governor, Walsh, expresses sympathy for the U.S. President's frustration with the Fed's decision to maintain interest rates, suggesting that rates should be lowered further [1] Group 1 - Walsh believes that the current monetary policy approach by the Federal Reserve is disappointing for the President [1] - He advocates for a reduction in interest rates to a lower level [1] - Walsh asserts that Trump's tariffs will not have an inflationary impact [1]

Core Viewpoint - The former Federal Reserve Governor Kevin Warsh expresses sympathy for the U.S. President's frustration with the Federal Reserve's decision to maintain the current monetary policy interest rates [1] Group 1 - The Federal Reserve's decision to keep interest rates unchanged has led to feelings of frustration for the U.S. President [1]