On Monday, July 25, Governor Ernest Addison said in a statement that the Central Bank of Ghana kept its main interest rate unchanged at 19%.

This figure stems from an observation of the impact of recent rate hikes and other policies on inflationary pressures, Addison said, noting that the bank had observed that inflation had persisted. Indeed, the annual inflation rate accelerated for the 13th consecutive month to 29.8% in June 2022, from 27.6% in May, and exceeded the upper ceiling of the central bank's target range of 6 to 10% for ten months. The bank's monetary policy committee sees the economy grow between 3.7% and 4.5% in 2022, compared to a forecast by the Ministry of Finance of 5.8% in November. At this rate, concerns about economic growth could outweigh concerns about rising inflation.