The Central Bank of Ghana (BoG) issued a statement on Monday, July 24, in which it indicated that it had raised its main policy rate by 0.5 percentage points from 29.5% to 30% in a context of rising inflation.

Ghana has seen an upsurge in inflation after trending downward in recent months, from 42.2% in May 2023 to 42.5% in June last year. That is why the BoG decided to raise its key rate by 0.5 percentage points to curb inflation. According to the BoG committee, “Ghana's macroeconomic framework requires decisive fiscal and monetary tightening to firmly anchor inflation expectations on a downward