Ghana’s central bank reduced its benchmark interest rate by 100 bps to 29%, marking the first rate cut since 2021. This decision was driven by an improving inflation outlook and the need to support economic growth. The country’s inflation eased to 23.2% YoY in December, down from 26.4% in November. The bank anticipates inflation to continue slowing down, aiming to reach a range of 13% to 17% by the end of 2024 and eventually align with the medium-term target of 6% to 10% by 2025.