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Ghana Raises Key Interest Rate More Than Expected to 17%

  • Benchmark gauge raised by 250 basis points to tame inflation
  • This is first time rate has been this high since November 2018
Updated on

The Bank of Ghana increased its benchmark interest rate for the second time since November, raising it to a three-year high of 17%, saying already high inflation was being worsened by the Russia-Ukraine war.

The monetary policy committee lifted the rate by 250 basis points, Governor Ernest Addison told reporters in Accra Monday. That exceeded the median estimate of seven economists in a Bloomberg survey, which expected an increase of 100 basis points.