Ghana's central bank kept its key interest rate at 29% in a decision announced on Monday, saying inflation risks were still on the upside and required close monitoring.

The West African cocoa, gold and oil producer has been restructuring its debts as it tries to emerge from its worst economic crisis in a generation.

At the Bank of Ghana's last rate-setting meeting in January it lowered its policy rate by 100 basis points, citing the need to maintain a strong stance while noting that inflation had fallen.

Consumer inflation slowed slightly to 23.2% year on year in February from 23.5% in January.

(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Bhargav Acharya Editing by Alexander Winning)