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Ghana’s central bank has cut its main policy rate by 200 basis points this month after the west African economy saw a drop in inflation at the start of the year.

The move to lower rates to 23.5 per cent marks only the second rate cut since 2011 after interest rates were trimmed back in November. Analysts polled by Bloomberg had forecast no change this month.

Inflation has now fallen for five consecutive months allowing policymakers to cut rates to their lowest since August 2015. Still, at 13.2 per cent the annual pace of price growth remains above the Ghanaian central bank’s 8 per cent target rate.

Image via Bloomberg

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