The Central Bank of Ghana (BoG) issued a statement last Monday according to which Ghana recorded a drop in its inflation rate during 2023. It went from 54.1% in December 2022 to 23.2% last December. This trend led to the reduction of the key interest rate by the Central Bank.

In its statement, the BoG said it had reduced its main policy rate by 100 basis points from 30% to 29% at the end of the meeting of its monetary policy committee (CPM). According to the committee, “global inflation slowed sharply to 23.2% in December 2023, compared to a peak of 54.1% at the end of December 2022.” The committee also noted that the cedi, the local currency, recorded “relative” stability over the period under review, with a cumulative rate of 7.2% against the US dollar between February