Central bank increases the benchmark rate to 22% to address the economy’s deterioration amid crippling inflation
Accra — Ghana’s central bank on Wednesday delivered its biggest rate hike since 2002, a 300 basis point increase to 22%, at an emergency meeting to address the economy’s deterioration amid crippling inflation.
Ghana’s cedi currency has continued its steep decline since the July monetary policy meeting, losing more than 6% against the dollar on Wednesday alone, according to Refinitiv Eikon data. That brought total losses for 2022 to close to 39%. “The committee took note of the increase in inflation in the month of July and heightened pressures in foreign exchange market,” the Bank of Ghana’s monetary policy committee said in a statement.
It said revenue generation had been a challenge this year for the government and that without access to international capital markets, a central bank overdraft had helped to fill the gap.
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