Ghana Cuts Its Policy Rate to 18% as Gold and Oil Lift Growth Toward 6%

Ghana’s central bank has steadily eased monetary policy, lowering the benchmark rate to 18% by year-end after a tightening cycle, as inflation moderated and the cedi firmed. The economy grew about 5.5% in a recent quarter on strong agriculture and services, and analysts see growth near 6% supported by high gold and oil prices and reforms in the gold sector. Public debt stood around GHS630 billion, with ongoing restructuring and fiscal discipline aimed at rebuilding confidence. President Mahama is pressing for sovereign credit-rating upgrades — a signal the diaspora watches for investment and remittance conditions.

Source: PwC West Africa Economic Outlook; Capital Economics.