Ghana Inflation Eases to 8.55%

14 Dec 2011

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Ghana’s Central Bank

(Reuters) - Annual inflation in Ghana eased to 8.55 percent in November from 8.56 percent recorded in October, the national statistics office said on Wednesday, paving the way for Ghana's central bank to hold interest rates steady next week.

Analysts had expected the pace of inflation in the West African cocoa and oil producer to accelerate slightly.

"It looks like Ghana is on target to meeting the end-year (target of) 9 percent," government statistician Grace Bediako told a news conference, adding that modest food inflation helped cap the overall rate.

The Bank of Ghana's Monetary Policy Committee meets next week and will announce a new interest rate decision on December 21. The bank has kept the prime rate on hold at 12.5 percent since July following a series of cuts since 2009, largely on the back of tame inflation levels.

"The inflation outlook still looks overwhelmingly favourable, and is likely to be a factor in the Bank of Ghana's decision to keep interest rates on hold on December 21," said Razia Khan of Standard Chartered Bank.

Tags: Business, Featured, Africa

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