ACCRA: Ghana's central bank on Monday held its main interest rate at 14.5%, the bank said in a statement, adding that inflation will likely remain above the targeted band of 8% plus-or-minus 2% in the near term.

A hike of 100 basis points to 14.5% in November marked the first time the bank had increased its main rate since May 2016.

A poll of Reuters analysts last week suggested the bank would keep its rate unchanged.

Consumer inflation has risen consistently from a low of 7.5% in May to 12.6% in December. Swelling food prices have been major contributors, although housing and transport costs have also seen significant recent spikes.

Economists fear that rising inflation paired with a double-digit fiscal deficit could send Ghana spiraling into a full-on debt crisis. Fitch Ratings recently downgraded Ghana's sovereign rating from B to B-.

In hopes of rallying investors and stabilizing bond yields, Ghana announced plans this month to cap expenditure at 80% of what was approved for the 2022 budget until the deficit outlook improves.

The government hopes to raise additional funds by introducing a 1.75% levy on electronic payments, though the policy has been met with broad public and private resistance. Lawmakers are expected to vote on the levy in early February.