Ghana central bank cuts policy rate to 18%

March 27th, 2018

Ghanaa��s central bank says it has cut its benchmark interest rate by 200 basis points to 18 per cent from 20 per cent.

Governor Ernest Addison told a news conference in Accra on Monday that the cut was due to its medium-term inflation target, which was on course.

Ghana is in its final year of a $918 million credit deal with the International Monetary Fund to narrow deficit, debt and inflation.

Mondaya��s cut adds to 750 basis points by the regulator in the past year to also foster growth.

Ghanaa��s central bank had cut its benchmark interest rate by 100 basis points to 20 per cent in November, 2017, citing a drop in consumer inflation and the possibility of steady economic growth.

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