Ghana raises rates as inflation rises again
Central bank says reserves are higher and monetary financing has ended as IMF deal requires
The Bank of Ghana raised its policy rate 50 basis points to 30%, on July 24, as the country confronts persistently high inflation. This is the smallest of nine increases since November 2021, totalling 16.5 percentage points.
The monetary policy committee blamed rising food prices for pushing up inflation. “Risks to the inflation profile are judged to be elevated driven by second round effects of food prices,” it said.
The International Monetary Fund granted Ghana a $3 billion, three-year loan
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