(Bloomberg) — Ghana lowered interest rates for the first time in eight months after the pace of inflation slowed in the West African nation and is expected to cool further.
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The monetary policy committee cut the key rate to 27% from 29%, Governor Ernest Addison told reporters at a press briefing in Accra, the capital on Friday.
Since January’s cut officials had maintained their policy stance to support the cedi and restrain price pressures. But annual inflation has now slowed for five consecutive months to 20.4% in August, from 25.8% in March.
Alongside slower inflation, Ghana also posted economic growth of 6.9% in the second quarter, up from 4.8% in the previous three months. That was the strongest performance in five years and comes as it emerges from a lengthy debt restructuring after defaulting in 2022 and having to seek a $3 billion International Monetary Fund lifeline.
–With assistance from Simbarashe Gumbo.
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