The annual consumer inflation maintained an upward surge in Ghana, increasing to 33.9 percent in August, the Ghana Statistical Service said Wednesday.

Ghana’s central bank has raised its interest rate by 300 basis points to 22% to tame inflation and stabilize the nation’s tumbling exchange rate at a special monetary policy meeting on Wednesday, August 17.

Ghana's inflation rate increased to 31.7 percent in July, the highest since November 2003, said the Ghana Statistical Service (GSS) Wednesday.

Fitch Ratings has downgraded Ghana's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'CCC' from 'B-'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below.