Ghana Economy: Central bank cuts rate to lowest level in two years

The Ghana central bank has reduced interest rates from 22.5% to 21%. This is the lowest level in more than two years, and seen as a response to the strengthening currency and reduced inflation. Policymakers say the economic activity continues to improve – supported by a rebound in crude oil production and slowing inflation. Inflation has fallen for five consecutive months, allowing policymakers to cut rates to their lowest since August 2015. Still, at 13.2% the annual pace of price growth remains above the central bank’s 8% target.

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