Central Banks
Ghana Hikes Rate More Than Expected to Rein In 53% Inflation
- Hike aimed at driving inflation back to single digits: Addison
- Inflation is five times the 10% ceiling of the MPC’s target
The Makola district of Accra, Ghana.
Photographer: Ernest Ankomah/BloombergThis article is for subscribers only.
Ghana’s central bank lifted its key interest rate by more than expected — extending its steepest phase of monetary tightening — to ensure inflation decelerates at a faster pace.
The monetary policy committee raised the key rate by 150 basis points to 29.5%, Governor Ernest Addison told reporters in Accra, the capital, on Monday. None of the nine economists in a Bloomberg survey forecast an increase of that size.