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Ghana slashes policy rate to 17% rate

 


By Martins Martins
 
 Mr Ernest Addison, governor, Ghana’s central bank says on Monday that the bank has slashed its benchmark interest rate by 100 basis points to 17 per cent.

He dropped the hint while speaking to newsmen in Accra.
Addsion said the cut hinged on the country’s need to meet its medium-term inflation target as the economy stabilized.
The country is in its final lap of a $918 million credit deal with the International Monetary Fund (IMF) to narrow its deficit.
The apex bank which had lowered the rate by 850 basis points over the past year said the development would also reduce debt and inflation figures.