Ghana’s central bank paused its steepest phase of monetary tightening, after clinching a $3 billion lifeboat from the International Monetary Fund that’s likely to help rein in rampant inflation.

The monetary policy committee maintained the policy rate at 29.5%, Governor Ernest Addison told reporters Monday in the capital, Accra. That’s after cumulative rate hikes of 16 percentage points since November 2021. Eight out of 10 economists in a Bloomberg survey correctly predicted the decision.

--With assistance from Simbarashe Gumbo.