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Ghana central bank cuts key rate to 17%

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Ghana central bank cuts key rate to 17%

The Bank of Ghana will cut its monetary policy rate by 100 basis points to 17% amid easing inflationary pressures.

Ghana's headline inflation continued to decline and was at 9.6% in April, the lowest level since 2013. The central bank has a medium-term target of 8% plus or minus 2% for headline inflation.

Core inflation, which excludes energy and utility costs, fell to 10.4% in April from 12.6% in December 2017.

The central bank said risks in its inflation outlook remain subdued but warned of the potential impact of rising interest rates in the U.S.

Total public debt declined to 60.0% of GDP at the end of February from 69.8% of GDP at the end of 2017.