Central bank unexpectedly cut its benchmark interest rate to the lowest in more than nine years to support the recovery of the economyVehicles travel along a road in Accra, Ghana, on Tuesday October 23 2020. Picture: GETTY IMAGES/BLOOMBERG/CRISTINA ALDEHUELA
The monetary policy committee reduced the rate to 13.5% from 14.5%, Governor Ernest Addison told reporters on Monday in Accra, the capital. All four economists in a Bloomberg survey expected the rate to remain unchanged. Economic activity has picked up strongly, even as new taxes that were implemented this month weighed on consumer and business confidence, Addison said. GDP could expand by 4.6% this year, according to International Monetary Fund projections.
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