BoG raises interest rates by 250 basis points, bringing them to 27%

The monetary policy rate was raised by the Bank of Ghana from 24.5 percent to 27 percent by a factor of 250.

Dr. Ernest Addison, the chairman of the monetary policy committee and governor of the BoG, said the decision was made in response to the government’s plan to raise the VAT by 2.5 percent and skyrocketing inflationary rates.

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