Ghana’s inflation for August drops to 9.4%

Ghana’s inflation has continued its downward fall in the month of August dropping to 9.4% from 9.5% in July a drop of 0.02%, the Ghana Statistical Service has announced in Accra.

This is the 14th consecutive time that the country’s inflation has fallen.

This development is seen by businesses as positive as they are hopeful it will lead to cuts in the interest rates of commercial banks and encourage borrowing for investments, expansion and employment.

Following the spiraling of the inflation rate, the central bank has consistently reduced its policy rate.

The bank’s Monetary Policy Committee will be meeting next week to review the economy and possibly announce a new policy rate.
By Emmanuel K. Dogbevi