The key rate of the Monetary Policy Committee of the Bank of Ghana has been increased by 100 basis points (1%) to 28%. The committee referred to the need to bring down inflation.

Le gouverneur de la Bank of Ghana , Dr. Ernest Addison , announced at a press conference on Monday, January 30, 2023 that “the MPC sees the need to remain vigilant and moderate liquidity in the system to support the macroeconomic adjustments underway for driving inflation on a downward path.” According to him, domestic growth conditions, which relaxed in 2022, are likely to moderate further and remain below their short-term potential, based on high inflation levels.

Indeed, last December, the inflation rate peaked at 54.1% stimulated by food inflation. In November 2022, the updated Composite Index of Economic Activity (CIEA) contracted by 6.2%, compared with growth of 10.2% during the same period in 2021.