In an effort to control rampant inflation and stabilize the local currency, the Central Bank of Ghana (BoG) raised its benchmark interest rate on Wednesday 17 August. This decision was taken during an emergency meeting on monetary policy.

Experts at the Central Bank of Ghana raised the benchmark interest rate by 300 basis points to 22% and added 550 basis points of increase since then November. This is the largest increase since 2002, when the BoG obtained independence to set interest rates.

Three weeks ago, at a regular meeting, the MPC kept the rate unchanged at 19% and said it was stopping to observe the impact of an S& No record increases. Meanwhile, data from Refinitiv Eikon indicates that Ghana's cedi currency continued its sharp decline, losing more than 6% against the US dollar on Wednesday alone.