The Bank of Ghana kept its main interest rate unchanged at 19% on July 25th 2022, saying it is appropriate to pause and observe the impact of the recent monetary policy measures already taken.

The bank has increased its prime lending rate by 550 basis points since the end of last year aiming to curbhigh inflation. The central bank also mentioned a deceleration in inflation and concerns over economic growth.

Ghana’s annual inflation rate accelerated for the 13th consecutive month to 29.8% in June of 2022, reaching the highest since December of 2003.

Credit: tradingeconomics