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Ghana increases lending rate to 24.5% amid skyrocketing inflation 

 

The Bank of Ghana (BoG) has increased the country’s lending rate.

According to the Central bank, the policy rate has been increased by 250 basis points to 24.5%, from 22% in August 2022.

The current increment is considered the  highest  since 2017 when President Nana Akufo-Addo took over the management of Ghana.

The policy rate is the rate at which commercial banks can borrow from the central bank.

Announcing the increment in the policy rate, the central bank in a statement indicated that the move was to help control Ghana’s rising inflation of nearly 40%.

It comes after several international credit rating agencies downgraded Ghana’s economy to junk status, which means Ghana is no longer credit-worthy.

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