Business News of Tuesday, 25 August 2020Source: www.ghanaweb.comInflation: Ghana likely to miss single-digit target for 2020 – BoG reportThe Bank of GhanaThe central bank's recent Inflation Outlook Report has indicated that the country is likely to miss its set out target for single-digit inflation for 2020. The Bank of Ghana in its report noted that disruptions in the disinflation process has a chance of extending the time frame for reaching a stable state of inflation. “The projections show a return of inflation to the medium-term target band by the second quarter of 2021, partly conditional on corrective fiscal measures being introduced in the near-term”, the report explained. This could however affect the cost of credit as well as the rate at which the central bank lends to commercials banks. Currently, the inflation rate has risen to 11.2 percent in the second quarter of 2020 after it remained flat at 7.8 percent in the first quarter of the year.

Source: GhanaWeb August 25, 2020 09:22 UTC