Ghana emergency MPC meeting ends with 300bp increase

Ghana 5 cedi note
Bank of Ghana

The Bank of Ghana’s monetary policy committee raised the country’s benchmark rate by 300 basis points, to 22%, at an emergency meeting on August 17. The hike is the fourth since November, amounting to 850bp of increases across six meetings.

The MPC usually meets every other month, and most recently convened on July 25. At that meeting, it held rates steady to give previous decisions more time to influence price levels. The central bank also announced in its August 17 statement that it would

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