Ghana: Central bank cuts benchmark interest rate to 21%

Ghana’s central bank has cut its benchmark interest rate by 150 basis points to 21.0 percent. It’s cited a downward trend in consumer inflation and the potential for higher economic growth on increasing oil output. The cut reflects lower risks to inflation helped by a slightly more stable local currency. The bank expects headline inflation to continue to decline and converge toward its medium-term target of 8 percent plus or minus 2 percentage points in 2018. In June, it was just above 12 percent, down from a peak of more than 19 percent in March last year. The bank also expects increasing crude oil, boosted by the launch of production at ENI’s offshore Sankofa field, to lift economic growth.

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