To calm persistent inflation, the central bank of Ghana raised its benchmark interest rate to the highest level in over 19 years according to Governor Ernest Addison's statement in the capital, Accra on Monday, November 28, 2022.

In a Bloomberg survey, eight economists' median estimate was for an increase of 175 basis points. Indeed, for the governor, “the MPC acted as a “prospect of a significant increase in inflation remains. The central bank of Ghana will also monitor the impact of the recent currency weakness on price growth.” In reality, inflation has been fuelled by soaring commodity prices resulting from Russia's war with Ukraine and the fall of the West African nation's currency.

On Thursday, November 24, 2022, Finance Minister Ken Ofori-Atta during his annual budget presentation said that Cedi, the worst-performing currency in the world this year, has depreciated by nearly 28% since the MPC raised borrowing costs by 250 basis points on October 6. This has put pressure on the country to meet its import bill, which exceeds $10 billion per year. For the same source, inflation is expected to peak in the first quarter of 2023.