Ghana announces record rate hike to curb rising inflation

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Ghana announces record rate hike to curb rising inflation

STORY: Ghana announces record rate hike to curb rising inflation DATELINE: March 23, 2022 LENGTH: 00:01:55 LOCATION: Accra CATEGORY: ECONOMY SHOTLIST: 1. various of black stars squad 2. various of Accra central business district. 3. SOUNDBITE (English): ERNEST ADDISON, Bank of Ghana Governor 4. various of Accra central business district STORYLINE: Ghana's central bank on Monday announced a tightening of its monetary policy stance with a record hike in the policy rate to slow down inflation. At a press briefing, Bank of Ghana Governor Ernest Addison announced an increase in the benchmark policy rate by 250 basis points to 17 percent to tame ballooning commodity prices on the local market and curb the rising inflation. He said the policy rate hike, the highest over the past 20 years, would arrest the rising inflation rate, which surged to 15.7 percent in February. The governor attributed the elevated inflationary risk to the rising cost of food and petroleum products, part of which he blamed on t

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