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Ghana raises interest rate to 28% to tame inflation

The Governor of the Bank of Ghana, Dr Ernest Addison, has announced that the Monetary Policy Com¬mittee (MPC) of the BoG increased the Monetary Policy Rate (MPR) by one per cent from 27 per cent to 28 per cent to check inflation.Dr. Addison told a news conference on Tuesday in Accra that the upward adjustment was in line with the apex bank’s monetary tightening stance to tame rising inflation in the country, which has peaked at 54.1 per ent.

He explained that the decision of the MPC was also influenced by the global and domestic mac­roeconomic factors.

The report of the Ghanaian Times quoted the BoG’s governor as saying that inflation remained elevated in 2022 and that it was driven by both demand pressures and supply shocks.

According to him, the two price readings since the last MPC meeting showed a significant jump in headline inflation to 54.1 per cent in De­cember 2022, from 50.3 per cent in November and 40.4 per cent in October 2022.

He explained that the acceleration in inflation was driven mainly by the lagged effects of the sharp currency depreciation recorded in October.

“Underlying inflationary pres­sures similarly remained elevated. The Bank’s core inflation mea­sure, which excludes energy and utility, accelerated to 53.2 per cent in December 2022 from 49.7 per cent in November,” he added.

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