Bank of Ghana orders 250bp hike

Central bank moves meeting a week earlier to combat high inflation and a weak currency

Bank of Ghana
The Bank of Ghana
Natsubee

The Bank of Ghana’s monetary policy committee put up its benchmark rate by 250 basis points on March 21, bringing it to 17%.

The central bank cited rapidly increasing inflation in its statement. Headline inflation reached 15.7% at the end of February. Year-on-year core inflation rose from 11.8% in December to 15.4% in February.

The hike was larger than many analysts had expected. A Reuters poll had forecast a 100bp increase.

The central bank maintains an 8% inflation target, within a corridor

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