Bank of Ghana orders 250bp hike
Central bank moves meeting a week earlier to combat high inflation and a weak currency
The Bank of Ghana’s monetary policy committee put up its benchmark rate by 250 basis points on March 21, bringing it to 17%.
The central bank cited rapidly increasing inflation in its statement. Headline inflation reached 15.7% at the end of February. Year-on-year core inflation rose from 11.8% in December to 15.4% in February.
The hike was larger than many analysts had expected. A Reuters poll had forecast a 100bp increase.
The central bank maintains an 8% inflation target, within a corridor
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