Finance: Ghana cuts its benchmark lending rate to 21 percent

The Central Bank of Ghana has lowered the policy rate at which it offers loans to commercial banks in the country.

The central bank of Ghana has for fourth time this in 2017 cut its main policy rate by 150 basis points to 21% from 22.5%.

This comes as inflation in the west African economy continues to slide. Annual consumer price inflation in the country has fallen in 10 of the last 11 months.

Speaking to journalists at a news conference in Accra Monday, the governor Dr Ernest Kwamina Yedu Addison cited an improved economic outlook for the rate cut adding that “economic activity continued to improve supported by a rebound in crude oil production.

He added that “broad expectation is that the gradual and steady increases should translate to higher growth profile in the period ahead. In addition, implementation of fiscal policy measures towards providing stimulus through the key initiatives contained in the 2017 budget statement should provide added impetes”

Here is the full statement from governor of the Bank of Ghana

The Central Bank of Ghana has lowered the policy rate at which it offers loans to commercial banks in the country. Read Full Story