Ghana Central Bank Raises Key Rate by 100 Basis Points - BLOOMBERG
(Bloomberg) -- Ghana’s central bank extended its steepest-ever phase of interest-rate hikes to rein in inflation.
The monetary policy committee lifted the rate by 100 basis points to 28%, Governor Ernest Addison told reporters in Accra, the capital, on Monday. None of the economists in a Bloomberg survey forecast a rate hike of that size.
The move adds to 13.5 percentage points of increases since November 2021, aimed at cooling inflation that’s now quintuple the 10% ceiling of the central bank’s target range and bringing the real policy rate back into positive territory to attract investment.
--With assistance from Simbarashe Gumbo.