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Ghana central bank holds main rate, sees better growth outlook

Ghana central bank holds main rate, sees better growth outlook

GHANA'S central bank kept its main interest rate at 30.00% as forecast by a Reuters poll of analysts, citing lower inflation, a stable exchange rate and relatively strong economic growth. Bank of Ghana Governor Ernest Addison said recent data suggested growth was more robust than expected, projecting GDP would expand by some 3% this year, compared with an International Monetary Fund (IMF) forecast of 1.6%. "The consensus view of the Monetary Policy Committee is that we should see stronger growth than projected under the (IMF) programme," he told reporters, referring to a $3 billion support package from the Fund that is…
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Ghana Central Bank holds rates, eyes recovery from pandemic slump

Ghana Central Bank holds rates, eyes recovery from pandemic slump

GHANA’S central bank has kept its interest rate unchanged at 14.5% as it eyes recovery from a pandemic-induced economic slump, its governor Ernest Addison has announced. Ghana has had one of Sub-Saharan Africa's fastest-growing economies in the past few years, but a slowdown because of the new coronavirus is expected to cap growth at between 2-2.5% this year, down from 6.5% in 2019. Addison said there were nevertheless signs that things are picking up and that inflation should return to the bank's medium-term target of around 8% by the second quarter of 2021. "Leading indicators of economic activity point to…
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