In recent years, Ghana has grappled with a formidable surge in inflation rates, significantly impacting the cost of living for households, escalating overhead expenses for businesses, and amplifying the government's cost of borrowing. The inflation rate, escalating from 12.6% in 2021 to a staggering 54.1% in 2022, has prompted a proactive response from the Bank of Ghana (BoG), evident in the substantial rise of the policy rate from 14.5% in 2021 to nearly 30% in 2023.