Ghana’s Central Bank has cut its benchmark interest rate by 100 basis points to 20 percent.
The reduction is attributed to a drop in consumer inflation and a steady economic growth, Governor of the bank, Ernest Addison said during a news conference in Accra.
The announcement comes after the Monetary Policy Committee of the Bank of Ghana commenced its 79th regular meetings on Wednesday, November 22, 2017.
In its previous three meeting this year, the Committee had reduced the rate on all occasions by 450 basis points.
The policy rate which is the prime rate, at which the central bank lends to commercial banks, has now dropped from 25.5 to 20 percent since the turn of this year.