The Bank of Ghana raised its policy rate by 100 basis points on January 30, to 28%. The January move is the seventh hike since November 2021, totalling 1,450bp. The relatively modest increase comes as Ghana struggles with multiple economic crises and tries to secure an International Monetary Fund loan.

The IMF may require a halt to monetary financing of Ghana’s yawning fiscal deficit. The country has few alternative means of borrowing, and announced it was suspending payments on much of its