Ghana Unexpectedly Hikes Key Rate for First Time in Six Years

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Ghana’s central bank hiked its benchmark interest rate for the first time since 2015.
The monetary policy committee raised the rate by 100 basis points to 14.5%, the Bank of Ghana said in a statement Monday. The median estimate of nine economists in a Bloomberg survey was for the gauge to remain unchanged, with only two of them forecasting an increase.
The increase unwinds some of the 250 basis points of easing announced since last year to prop up the West African nation’s coronavirus-ravaged economy.