The Governor of the Bank of Ghana, Dr Ernest Addison announced the rate hike today, (October 6, 2022) when he addressed the media.
The rate hike is the second highest in the bank's history and is meant to fight price pressures, with inflation almost at 40 per cent.
The BoG Governor said the increment was also meant to contain capital outflows which could worsen the cedi's depreciation.
The press conference was to announce the decision of the bank's Monetary Policy Committee (MPC) after it concluded its regular meetings in September 2022.
The press conference was initially due to take place in the last week of September but shifted forward to allow for broader consultation with the visiting team from the International Monetary Fund, BoG said in an earlier statement.
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