Ghana to cut interest rates from 18% p.a.

Jan 14, 20110 - Ghana May See More Interest-Rate Cuts, Bank Governor Says.

While other countries cut their lending rates to foster growth during the global economic crisis, rising inflation prompted the Bank of Ghana to hold or increase its prime rate. In November it was finally cut by half a percentage point to 18 percent for the first time in almost three years.

The world’s second-biggest cocoa producer is targeting growth of 6.5 percent of gross domestic product in 2010, accelerating from 2009’s estimate of 5.9 percent, the finance ministry said in its budget statement released in November.