The Bank of Ghana has raised the policy rate by 250 basis points to 24.5 per cent.
The Bank of Ghana Governor, Dr Ernest Addison announced the rate hike today, Wednesday when he addressed the media.
The rate hike is the second highest in the bank’s history and is meant to fight price pressures, with nflation almost at 40 per cent.
The BoG Governor said the increment was also meant to contain capital outflows which could worsen the cedi’s depreciation.
The press conference was to announce the decision of the bank’s Monetary Policy Committee (MPC) after it concluded its regular meetings in September.
The press conference was initially due to take place in the last week of September but shifted forward to allow for broader consultation with the visitng team from thr International Monetary Fund, BoG said in an earlier statement.