ACCRA (Reuters) -Ghana’s central bank cut its main interest rate by 100 basis points to 29% in a decision announced on Monday after consumer inflation slowed for a fifth consecutive month in December.
The West African cocoa, gold and oil producer has been restructuring debt as it tries to emerge from its worst economic crisis in a generation.
Ghana aims to agree a restructuring deal with its commercial creditors after reaching a deal with bilateral lenders.
Inflation decreased in December to 23.2% year on year from 26.4% in November and 35.2% in October.
The central bank targets inflation of 8% with a margin of error of 2 percentage points either side.
(Reporting by Maxwell Akalaare Adombila and Christian AkorlieWriting by Anait MiridzhanianEditing by Alexander Winning and David Goodman)
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