Ghana’s Central Bank Unexpectedly Raises Interest Rate to 28% Amid Inflation 

Ghana’s central bank surprised markets by raising its key interest rate by 100 basis points to 28%, marking its first hike since July 2023. The decision was driven by concerns over persistently high inflation, despite a slight decline in consumer price inflation to 23.1% in February. The new governor, Johnson Asiama, emphasized the need for tighter monetary policy to curb rising costs. Economists were largely expecting rates to remain unchanged. While the move reassures financial markets, it may challenge businesses and consumers facing economic strain. Ghana continues to recover from a severe economic crisis.