The Bank of Ghana decides to control inflation, which peaked at 54.1% in the country. For example, the Monetary Policy Committee of the Bank of Ghana estimated the key rate at 28% compared with 27%.

At a press conference in Accra on Tuesday, January 31, 2023, Ernest Addison, the Governor of the public financial institution, explained that the upward adjustment was in line with his strategy of monetary tightening in a context of inflation. For him, “underlying inflationary pressures also remained high. The Central Bank's core inflation measure, which excludes energy and utilities, accelerated to 53.2% in December 2022 from 49.7% in November.”