GHANA’S CENTRAL BANK REDUCES BENCHMARK RATE BY 1.5 PERCENTAGE POINTS

ACCRA, The Monetary Policy Committee (MPC) of Ghana’s central bank has reduced its benchmark policy rate by 150 basis points to 21 per cent from 22.5 per cent, citing lower risk to inflation and growth.

The disinflation process is still ongoing and this trend is likely to continue all through till the end of the third quarter, Dr Ernest Addison, the Governor of the Bank of Ghana, told a media conference here Monday.

Barring any unanticipated shock, the current stance of monetary policy and expected stability in the exchange rate should ensure price stability.

In the outlook, expectations are for the observed decline in headline inflation to continue and converge towards the medium-term target of 8.0 per cent, plus or minus 2.0 per cent in 2018.”

Source: NAM NEWS NETWORK

   

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