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Ghana Central Bank ends run of rate cuts, holds at 21%

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Accra – Ghana’s Central Bank ended a run of rate cuts by keeping its benchmark unchanged at 21 per cent on Monday, citing global economic uncertainties and threats to consumer price stability.

President Muhammadu Buhari receives The President of Ghana, H.E Nana Dankwa Akufo-Addo. With them is the Chief of Staff, Mallam Abba Kyari during a visit to the State House in Abuja

The hold-not-expected by analysts – should moderate price conditions toward the bank’s medium term inflation target of eight per cent plus or minus two per cent in 2018, Governor Ernest Addison, told a news conference in Accra.

Consumer inflation rose to 12.3 per cent in August from 11.9 per cent in July.

Fuel prices also went up nearly eight per cent in September and could post risks to inflation in the coming months, analysts said.

“The committee decided it was time to pause the easing cycle in view of emerging risks to the inflation outlook, meanwhile, remaining vigilant and committed to take the necessary policy actions should these initial signs of underlying pressures persist,” said Addison.

Ghana exports cocoa, gold and oil and is following a 918-million dollars credit
programme with the International Monetary Fund to restore fiscal balance to an economy dogged by deficits and high public debt.(Reuters/NAN)

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