Friday, May 13, 2011

Bank of Ghana Cuts Rate 50bps to 13.00%

The Bank of Ghana reduced its key lending rate by 50 basis points to 13.00% from 13.50% previously.  The Bank said: "Price developments over the past four months suggest diminishing inflation expectations following the rise in inflation in January after increases in the domestic price of petrol. The threats to inflation have diminished due to better domestic production of food and weak second round effects of the petroleum price adjustment."  Ghana reported inflation of 9.0% in April, compared to 9.1% in the previous month, while food price inflation eased to 4.2% from 4.7% in the same period.


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