• Policy makers met to tackle rising inflation, sliding currency
  • Central bank plans to buy foreign-exchange from companies

Ghana’s central bank increased its benchmark interest rate by its biggest margin on record to tame inflation and stabilize the nation’s tumbling exchange rate at a special monetary policy meeting.

Policy makers raised the rate by 300 basis points to 22%, the Bank of Ghana said in an emailed statement late Wednesday.

That’s the biggest increase since 2002, when the central bank was granted the independence to set interest rates, and adds to 550 basis points of increases since November.

Credit: Bloomberg

(Moses Mozart Dzawu and Ekow Dontoh)