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The
Bank's decision to hold the rate for a fifth successive time is
in line with steps taken by authorities to stabilize the
macro-economy of the West African country and reduce inflation,
which rose slightly to 16.9 percent in August.
"The committee noted the moderation in headline inflation since
the July meeting on the back of continued cedi stability, easing
inflation pressures and tight credit conditions," Governor
Abdul-Nashiru Issahaku told a news conference at the end of a
Monetary Policy Committee review meeting.
Ghana signed a three-year aid program in April 2015 with the
International Monetary Fund to restore fiscal balance to an
economy dogged by deficits, public debt and high interest rates
with inflation above the government's 2016 target of 11 percent.
The country is due to hold an election on Dec. 7 at which
President John Mahama will vie for a second and final four-year
term, but Issahaku said the vote was not a concern for monetary
policy.
(Reporting by Kwasi Kpodo; Editing by Matthew Mpoke Bigg and
Andrew Heavens)
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