Ghana Central Bank cuts interest rate to 17 %

Ghana’s Central Bank  has cut its benchmark interest rate by 100 basis points to 17 percent.

The bank’s Governor, Ernest Addison, said in the capital, Accra, on Monday that the apex bank “is on track to meet its medium-term inflation target” as the economy had stabilised.

Ghana is in its final year of a $918 million credit deal with the International Monetary Fund to narrow its deficit and reduce debt and inflation and has now lowered the rate by 950 basis points over the past year. (Reuters/NAN)