The West African cocoa, gold and oil producer is negotiating a debt restructuring with its bilateral and commercial creditors to try to emerge from its worst economic crisis in a generation.
It has received the first tranche of an International Monetary Fund $3 billion lending programme and expects to get another after a meeting of the Fund's executive board before the end of the year.
"There is a need to keep the policy rate tighter for longer until inflation is firmly anchored on a downward trajectory towards the medium-term target," the Bank of Ghana said in a monetary policy statement.
Ghana's inflation slowed to 35.2% year-on-year in October, from 38.1% in September and 40.1% in August.
The central bank targets inflation of 8% with a margin of error of 2 percentage points either side of that.
As an additional measure, the bank said a new unified Cash Reserve Ratio for total deposits was being reset to 15% with effect from Nov. 30.
That measure was aimed at addressing excess structural liquidity and providing an added impetus to disinflation, it added.
(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alexander Winning)
