Ghana's central bank on Wednesday delivered its biggest rate hike ever, a 300 basis point increase to 22%, at an emergency meeting to address the economy's rapid deterioration amid crippling inflation.
The hike comes just three weeks after it kept its monetary policy rate unchanged at 19% and said it was pausing to observe the impact of a series of record-breaking hikes.
Meanwhile, consumer inflation rose further to 31.7% annually in July, its highest since late 2003, and the government's top statistician warned it was not possible to say whether inflation had peaked. "Considering the risks to the inflation outlook, the Committee decided on a 300 basis points increase," it said, adding that it would also raise the primary reserve requirement of banks from 12% to 15% in a phased manner.
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