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Central Bank keeps benchmark interest rate at 26 pct

folarin okunola

January 25, 2016 4:42 PM

Ghana's central bank kept its benchmark policy rate at 26 percent on Monday citing moderation in the pace of consumer inflation, its governor Henry Kofi Wampah said.

A man trades U.S. dollars for Ghanaian cedis at a currency exchange office in Accra, Ghana, June 15, 2015. Picture taken June 15. REUTERS/Francis Kokoroko

The West African nation is under a three-year aid program with the International Monetary Fund (IMF) to restore fiscal balance to an economy dogged by high fiscal deficits and a distressing public debt, with consumer inflation consistently above government target.

Ghana is yet to fully resolve a three-year electricity crisis that has crippled industries and made the government unpopular ahead of general elections later this year.

Washington sources told Reuters earlier the board was concerned about the power crisis and called on the government to resolve it urgently.

Wednesday's approval brings total disbursements for Ghana to $343.7 million under the programme, which ends next year.

folarin okunola

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