The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 100 basis point to 22 percent.

Addressing the press on Wednesday, Governor of the central bank Dr. Kofi Wampah said, the committee concluded that risks to both inflation and growth are elevated, but tilted more to inflation.

"It was therefore noted that a further moderate tightening, complemented with sustained fiscal consolidation efforts could rein-in inflation and inflation expectations. Consequently, the Committee decided to increase the monetary policy rate from 21 percent to 22 percent," he added.

Source: B&FT online