July 27, 2017 / 1:06 PM / 2 years ago

Bank of Ghana's rate cut set to boost lending: Moody's

A man trades U.S. dollars for Ghanaian cedis at a currency exchange office in Accra, Ghana, June 15, 2015. REUTERS/Francis Kokoroko

ACCRA (Reuters) - Ghana’s central bank’s 150 basis point rate cut this week will boost lending by local banks and signals that the economy is gradually improving, Moody’s Investors Service said on Thursday.

The major commodity exporter’s GDP growth is expected to recover to 6.1 percent this year and 7.5 percent in 2018 compared with 3.5 percent last year, the ratings agency said in a research note.

Reporting by Kwasi Kpodo; Editing by Nellie Peyton and Louise Ireland

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