March 26, 2018 / 11:55 AM / 2 years ago

Ghana central bank cuts policy rate to 18 pct

Pedestrians walk in front of Ghana's central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo

ACCRA (Reuters) - Ghana’s central bank cut its benchmark interest rate by 200 basis points to 18 percent on Monday, saying its medium-term inflation target was on course, Governor Ernest Addison told a news conference in the capital Accra.

Ghana is in its final year of a $918 million credit deal with the International Monetary Fund to narrow deficit, debt and inflation. Monday’s cut adds to 750 basis points by the regulator in the past year to also foster growth.

Reporting by Kwasi Kpodo; editing by Larry King

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