ACCRA - Ghana's central bank on Monday raised its main lending rate by a further 250 basis points to 27%.

The West African cocoa, gold, and oil-producing nation faces its worst economic crisis in a generation.

Consumer price inflation climbed to an annual 40.4% in October -- a 21-year peak despite aggressive central bank lending rate hikes this year.

The local cedi currency has currency plummeted more than 50% against the dollar in 2022.

Presenting the 2023 budget last week, the finance minister promised new measures to cut spending and boost revenue as the government negotiates a relief package with the International Monetary Fund.

(Reporting by Cooper Inveen Writing by Sofia Christensen Editing by Alexander Winning)