The Committee cited heightened economic and policy uncertainties, inflationary pressures, and weakening of the Ghana cedi against the US dollar as among the reasons for the increment.
The Governor of the Bank of Ghana, Dr. Ernest Addison, addressing the press said the increase forms part of efforts to address current inflationary pressures.
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He said "Continued vigilance to the evolution of these potential price pressures in the outlook will be key. The Committee is of the view that significant upside risks to the inflation outlook remain. To continue to anchor inflation expectations, the Committee, therefore, decided to increase the policy rate by 250 basis points to 27.0 percent."