Ghana’s central bank raised its benchmark interest rate by 50 bps to 30%, exceeding market predictions and bringing borrowing costs to their highest level since 2000 due to rising inflation indicators. Ghana’s annual inflation rate rose to 42.5% in June, significantly above the bank’s target band of 6% to 10%. Meanwhile, the central bank has purchased 7.7 tons of gold, equivalent to USD 480 mln, from producers since it started a purchasing program in 2021 to bolster its reserves.