Ghana Central Bank Holds Interest Rates Steady at 29% as Inflation Remains High

Ghana's central bank held its benchmark interest rate steady at 29% to manage upside risks to inflation
The bank had cut rates in January, ending a tightening cycle that saw rates lifted from 13.5% to 30% in 2021
Inflation edged down slightly in February to 23.2% but remains impacted by currency depreciation
The central bank governor said currency inflows should support the cedi going forward after a 9% decline this year
Ghana is seeking to restructure $18 billion in debt through an IMF program and agreements with other creditors