Ghana’s central bank held its key interest rate at 29%. After a series of rate increases that began in 2021, which raised to a peak of 30%, the bank’s decision follows a slight easing in the inflation rate to 23.2% YoY in February. The currency has depreciated around 9% this year against the dollar as debt restructuring delays and concerns that an anti-LGBTQ bill. The bank’s governor highlighted the role of currency inflows from the World Bank, Ghana’s stringent monetary policy, and the potential for lower rates in major economies, including the US, in supporting the cedi.