Business News of Friday, 10 January 2020Source: goldstreetbusiness.comFalling inflation makes room for policy rate cut - Government StatisticianDr Ernest Addison, BoG GovernorGiven that inflation at the close of 2019 stayed below the central bank’s target of 8 percent with a band of ±2 percent – an outcome announced on Wednesday by Government Statistician, Professor Kobina Annim – there is an opportunity to cut the monetary policy rate later this month. Nevertheless, the situation a year after that ultimately problematic rate cut is significantly, different given that the Federal Reserve forecasts no action on its main interest rate until 2021, after holding rates steady in its December meeting. The Food and Non-alcoholic beverages Division recorded a year-on-year inflation rate of 7.2 percent. This is the highest rate of local inflation and the lowest rate of inflation for imported goods since August 2019. Greater Accra Region had the highest inflation rate at 12 percent, while inflation remained lowest in the Ashanti Region with 5 percent year-on-year.

Source: GhanaWeb January 10, 2020 09:00 UTC