Ghana's central bank will likely keep its key lending rate at its current level of 15 percent in order to consolidate liquidity mopping and ward off inflationary pressures ahead of elections in December, analysts said.
Ghana's President John Dramani Mahama said on Tuesday he had instructed his government to maintain policies targeting reduced inflation and support for the cedi currency, and pledged to break with cycles of election-related overspending.
Ghana's annual inflation rate increased for the fifth month in a row in July, driven higher by the weak cedi currency which increased the cost of imported foodstuffs, Ghana's statistics office said on Wednesday.
Ghana's cedi traded little changed on Monday with corporate demand for the dollar weak, traders said, as the outgoing head of the country's Central Bank said measures taken by the bank had stabilised the currency.
Ghana is poised to achieve its 8.5 percent inflation target for 2012 by reinforcing fiscal and monetary measures, including support for the local cedi currency, finance minister Kwabena Duffuor said on Friday.
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