The Monetary Policy Committee of the Bank of Ghana has taken action in response to the surge in inflation, particularly food inflation, by raising its monetary policy rate to 30%.

This represents a 0.5% increase from the previous rate, which stood at 29.5%.

The policy rate plays a crucial role in Ghana’s economy, as well as in the broader sub-region, and beyond, as it indicates the rate at which the central bank will lend to commercial banks, ultimately impacting businesses and individuals who rely on these loans.

Ateiwin Mbillah-Lawson in Accra brings us the details.