The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) on Monday (21 March 2022) raised the policy rate by 250 basis points to 17% amid increases in oil and food prices.
Speaking at the 105th MPC press briefing in Accra, the Governor of the Bank of Ghana, Dr Ernest Addison, said the move is expected to control rising inflation and check the rapid depreciation of the cedi.
On 31 January, the BoG maintained the policy rate at 14.5%, citing sharp increases in energy prices, growing pressures of demand, and persistent disruptions to the supply chain.
