Economics
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
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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.