The Bank of Ghana raised its prime interest rate by 150 basis points to 18.5% on Tuesday to fight rising prices.
The rate is at its highest level since December 2003, but the next move is forecast to be down.
Annual inflation rose to 19.86% in January, but is expected to halve in 2009.
Bank of Ghana Governor Paul Acquah says the 2008 budget deficit is now reckoned at 14.9% of gross domestic product.
Gross international reserves fell to $US2 billion at the end of 2008 from $US2.8 billion a year earlier. Ghana issued a $US750 million debut Eurobond in 2007.
