Ghana cuts interest rates by 100 basis points in Africa’s first rate cut of 2024

In a surprising move, the Monetary Policy Committee of the Bank of Ghana has cut Ghana’s benchmark interest rate by 100 basis points, from 30% to 29%.

The move marks the first instance of a rate cut in Ghana since 2021 and marks the first occurrence of a rate cut by an African Central Bank this year. It also ends the pause on the benchmark rate movement since September 2023.

The rate cut comes after Ghana’s inflation softened to 23.2% in December 2023 from 26.2% in November 2023, the lowest value since April 2022.