As inflation continues to rise, Ghana's central bank on Monday raised its main interest rate by 200 basis points to 19%. Governor Ernest Addison's goal is to curb inflationary pressures and promote macroeconomic stability.

M. Addison said total government debt amounted to about 78% of gross domestic product and Ghana had not been able to access capital markets since Fitch and Moody's both downgraded its sovereign credit rating earlier this year.

In order to stem soaring inflation, the Bank of Ghana raised its policy rate by 250 basis points to 17% last March. This was the largest increase in its history. Again, the bank raises its interest rates. The Ghanaian government wants to save a local currency in free fall. The rapid depreciation of the Ghanaian cedi has slowed but the currency has still lost more than a quarter of its value since the beginning of the year.