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Ghana central bank holds policy rate for second meeting in a row - REUTERS
ACCRA, Jan 27 (Reuters) – Ghana’s central bank kept its main interest rate at 27.00% for the second meeting in a row on Monday, after inflation rose last month.
The West African gold and cocoa producer, which defaulted on most of its external borrowing in December 2022, is emerging from its worst economic crisis in a generation, helped by a $3 billion loan programme from the International Monetary Fund.
Bank of Ghana Governor Ernest Addison told reporters that the inflation profile remained elevated, “largely driven by food prices movement especially in the last quarter of the year.”
Ghana’s consumer inflation rose in December to 23.8% in annual terms, the highest rate in eight months. It remains well above the central bank’s 8% target with a margin of error of 2 percentage points either side.
(Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alexander Winning)
