The central bank of Ghana increased its key prime interest rate by 250bps to 17% on March 21st 2022.

It is the biggest increase in borrowing costs in more than 20 years, citing uncertainty surrounding price development and its impact on economic activity.

The bank’s governor, Ernest Addison, said during a news conference that “the risks to inflation are on the upside”.

Annual inflation rate in Ghana accelerated for the ninth consecutive month to 15.7% in February, the highest rate since October of 2016.

Credit: tradingeconomics