Ghana Economy: Central Bank to Cut Interest Rate to Six-Year Low

Country’s Inflation Expected to Decrease Overtime

Ghana's Central Bank has cut its interest rate to a six-year low to consider a lower inflation target. The rate was cut by 100 basis points to 16 percent. Inflation rate in the country was 15.4 percent as at the end of 2016, 11.8 percent in 2017 and 9.4 percent in 2018. Inflation is expected to remain inside the target band of 6 percent to 10 percent over the 24-month forecast, according to experts. The decision comes as the world tends toward tightening, pushing the local currency close to the weakest on record.