Ghana's central bank raised its benchmark interest rate to 22%

Ghana'S CENTRAL bank yesterday raised its benchmark interest rate by 300 basis points to 22% from 19% and raised the basic reserve requirement ratio (RRR) for banks in stages from 12% to 15% at an emergency meeting of its monetary policy committee. In addition, Ghana's central bank said it was working with mining companies, international oil companies and banks to buy foreign exchange generated by the export of resources such as oil and mines to increase foreign exchange supply.