The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has raised the policy rate by 250 basis points.
This has raised the policy rate to 17%.
Speaking at the 105th MPC press briefing in Accra, the Governor of the Bank of Ghana, Dr. Ernest Addison, said the move is expected to control rising inflation and check the rapid depreciation of the cedi.
The rate was at 14.5%. At the time it was increased to this percentage, the central bank argued that the sharp increases in energy prices, growing pressures of demand, and persistent disruptions to the supply chain were part of the reasons for the increased.