ACCRA: Ghana expects inflation to ease to 9.5 percent, plus or minus two percentage points, by the second half of 2015 from a four-year high of 15.9 percent in August, central bank governor Henry Kofi Wampah said on Friday.
He told Reuters the inflation rate would fall as the Bank of Ghana maintains its tight monetary policy stance, aided by government stabilisation efforts and a boost in foreign exchange liquidity.
On Wednesday, the bank maintained its benchmark interest rate at 19 percent, saying inflation remained a concern.
"The single digit target of 9.5 percent remains the target we are working towards and we believe we would recover to that level by the second half of 2015," Wampah said.
The government in July raised its end of year inflation target to 13 percent, plus or minus two percentage points, from its initial target of 9.5 percent with the same cushion.
Ghana started talks on Tuesday with the International Monetary Fund for an assistance programme to help fix its fiscal imbalances, which include a high budget deficit, rising inflation and a currency that has fallen sharply this year.
The West African nation has recorded consistently high economic growth rates in recent years on the back of its exports of gold, oil and cocoa.
Comments
Comments are closed.