banking

Ghana raises interest rate to 14.5%

November 23, 2021

RIYADH: Ghana’s central bank has raised the interest rate for the first time since 2015 to 14.5 percent.

The Monetary Policy Committee increased the rate by 100 basis points — 1 percent — Bloomberg reported, citing the Bank of Ghana.

The increase comes after inflation accelerated to a 15-month high of 11 percent in October.

“These elevated inflationary risks require prompt policy action to re-anchor inflation expectations to safeguard the central bank’s price stability objective,” the MPC said in a statement.

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