Serrari Group

In a widely anticipated move, Ghana’s central bank announced today that it would keep its main interest rate steady at 30.00%. This decision, as forecast by a Reuters poll of analysts, comes against the backdrop of a complex economic landscape in the West African nation.

Ghana, known for its production of cocoa, gold, and oil, has been grappling with one of the most significant economic crises in its recent history. The country has been plagued by double-digit inflation and mounting public debt, leading to a series of anti-government protests in the capital, Accra, due to growing frustration over economic hardships.

The Ghanaian government has recently secured a lifeline in the form of a $3 billion support package from the International Monetary Fund (IMF). This financial assistance comes with a critical condition – debt restructuring, aimed at stabilizing the nation’s fiscal situation.

Bank of Ghana Governor Ernest Addison highlighted the positive impact of the IMF support, stating, “The policy mix under the three-year IMF extended credit facility is beginning to yield results. Economic activity is rebounding strongly. The exchange rate is stabilizing. Inflation is declining, and the level of foreign exchange reserves has improved.”

Governor Addison further emphasized that these indicators were on track to restore real incomes and purchasing power to the Ghanaian population, who have been grappling with the effects of soaring inflation.

In August, Ghana’s inflation rate slowed to 40.1% on a year-on-year basis, down from 43.1% in the previous month. While this represents progress, it still remains significantly above the central bank’s target range of 6%-10%.

The decision to keep the interest rate stable at 30% follows a series of rate hikes over the past two years, totaling 1,650 basis points. The central bank’s previous move in July involved a 50 basis point increase aimed at preventing inflation from derailing efforts at disinflation.

Today’s decision reflects the central bank’s optimism about the ongoing economic recovery, supported by lower inflation, a more stable exchange rate, and relatively robust economic growth. However, the bank remains vigilant, ready to intervene if the disinflationary trend falters in the face of ongoing economic challenges.

Ghana continues to face economic headwinds, but the central bank’s commitment to maintaining stability through this challenging period is seen as a vital step toward rebuilding the nation’s financial strength and resilience.

Photo Source: Google

By: Montel Kamau
Serrari Financial Analyst
25th September, 2023

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023