The Bank of Ghana raised the monetary policy rate from 19% to 22%, an increase of 300 basis points.

This follows a crisis meeting on August 17, 2022, to discuss the rise in inflation rates, which are at an all-time high of 31.7%.

"Under the circumstances, and taking into account the risks to the inflation outlook, the Committee decided on a 300 basis point rise in the Monetary Policy Rate to 22 percent," the Central Bank stated in a statement on August 17.

It also said "The latest consumer price index release showed that the headline inflation accelerated further for the eleventh consecutive month to 31.7 per cent in July 2022, from 29.8 per cent in June 2022. This was driven by both food and nonfood price pressures.

"Food inflation rose to 32.3 per cent in July 2022 from 30.7 per cent in June 2022. Similarly, non-food inflation increased to 31.3 per cent from 29.1 per cent in June 2022, contributing 55 per cent to the rise in headline inflation in July 2022."

Source: Ghanaweb