In a decision announced on 28 March, the Monetary Policy Committee (MPC) of the Bank of Ghana raised its key interest rate by 100 basis points to 28%.

The Bank of Ghana is tightening its monetary policy with a historic rise in the key interest rate and new liquidity control measures, in order to cope with persistent inflation and global uncertainties. The Bank is implementing complementary measures to strengthen liquidity management and improve the transmission of monetary policy.

Dr. Johnson Asiama, Governor of the Bank of Ghana, indicated that the Bank would also strengthen the monitoring of banking institutions' Net Open Positions (PNOs) to ensure compliance, while reviewing the current structure of the Mandatory Reserve Ratio (CRR) in order to assess its overall impact on liquidity conditions and intermediation financial in the economy.