The central bank raised its key interest rate by 50 basis points to 5.5% earlier this month and said more hikes would be needed to rein in inflation, which had accelerated to 6.15% as of June 7.
At this point in time we can only say that both growth and inflation are probably tracking somewhat higher than the April forecast presumed.
The drop puts the rate within the Bank of Ghana's targeted band of 8% plus or minus 2 percentage points for the first time since January.
The central bank, which kept it's prime interest rate unchanged at 14.5%, said in March that it expected headline inflation in the gold-, cocoa-, and oil-producing country to return to the target band in the second quarter of 2021.
The lira held steady against the dollar minutes after the decision was announced, but economists said the central bank was opening the door to future rate cuts.
"These risks, should they materialise, could drive headline above the 4.5% target midpoint and possibly dislodge inflation expectations away from the midpoint," the bank said in its bi-annual Monetary Policy Review (MPR).
The South African Reserve Bank (SARB) targets consumer price inflation of between 3% and 6%, and the rate stood at 2.9% in February.
The analyst added that a major chunk of the profits is retained by the companies, which are used for expansion purposes that lead to economic growth and employment creation.
