Skip to content
Subscriber Only
Markets
Economics

Ghana Central Bank Cuts Key Rate, Hints at Lower CPI Target

  • All economists in Bloomberg survey saw rate being held at 17%
  • Inflation is within the bank’s target range of 6% to 10%
Bank Of Ghana Governor Ernest Addison Rates Decision
Photographer: Ruth McDowell/Bloomberg
Updated on

Ghana’s central bank unexpectedly cut its benchmark interest rate to a six-year low and said it may be time to consider a lower inflation target.

The Bank of Ghana reduced the rate by 100 basis points to 16 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. That bucked the worldwide trend toward tightening and pushed the local currency close to the weakest on record.