ACCRA, Sept 22 (Reuters) – Ghana’s central bank said on Thursday it has rescheduled its upcoming interest rate decision to Oct. 7 from Sept. 26, to coincide with the end of an IMF mission to the country.

Once considered the rising star of West African economies, the gold- and cocoa-producing nation is battling its worst economic crisis in years, as authorities struggle to slow mounting inflation, curb spending and revalue the currency.

The central bank raised its main lending rate by 300 basis points to 22% last month at an emergency meeting to address inflation, running above 30%, and other economic problems.

Ghana formally requested assistance from the International Monetary Fund in July, and a team is expected to arrive in the country early next week. Read full story

The bank’s Monetary Policy Committee hopes that rescheduling the rate decision will “allow the decision… to benefit from the broader discussions to be held during that period,” the bank said in a statement.

Sources have previously said that the IMF’s next visit would likely coincide with the beginning of a Debt Sustainability Assessment.

A senior director from credit ratings agency Fitch on Wednesday warned that a sovereign default is “a real possibility” for Ghana, and any kind of domestic debt restructuring would likely threaten several local banks with insolvency. Read full story

(Reporting by Cooper Inveen; Editing by Bate Felix and Susan Fenton)