Ghana central bank cuts policy rate to 17pc

ACCRA: Ghana's central bank cut its benchmark interest rate by 100 basis points to 17 percent on Monday, saying it was on track to meet its medium-term inflation target as the economy stabilised, Governor Ernest Addison said in the capital Accra.

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.