The policy rate has gone up to 24.5 percent after the Bank of Ghana (BoG) raised it by 250 basis points.
The Governor of the Bank of Ghana, Dr. Ernest Addison, told the media about the rate increase today (October 6, 2022).
The rate increase is the second highest in the bank’s history and is meant to fight price pressures, as inflation is almost at 40%.
The Governor of the BoG said that the increase was also meant to stop capital outflows that could make the cedi fall even more.
The Monetary Policy Committee (MPC) of the bank was going to announce its decision at a press conference in September 2022, after its regular meetings were over.
BoG said in an earlier statement that the press conference was supposed to happen in the last week of September, but it was moved up to give the visiting team from the International Monetary Fund more time to talk.