Ghana’s central bank extended its steepest-ever phase of monetary tightening to re-anchor inflation expectations.
(Bloomberg) — Ghana’s central bank extended its steepest-ever phase of monetary tightening to re-anchor inflation expectations.
The monetary policy committee increased the key rate by 150 basis points to 29.5%, Governor Ernest Addison told reporters in Accra, the capital, on Monday. None of the economists in a Bloomberg survey forecast a rate hike of that size.
The move adds to 14.5 percentage points of hikes since November 2021, aimed at reining in inflation that’s more than five times the 10% ceiling of the MPC’s target range and the sixth-highest in the world among 120 nations, including the eurozone, tracked by Bloomberg.
–With assistance from Mark Evans and Yinka Ibukun.
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