Ghana's Inflation Rate Declines to Four-Year Low in April

(Bloomberg) -- Ghana’s consumer prices rose at the slowest pace in more than four years in April, opening the door for further rate cuts.

Inflation decelerated to 9.6 percent from a year earlier, acting government Statistician Baah Wadieh told reporters Wednesday in the capital, Accra. That’s the slowest pace since January 2013 and first time the rate has been inside the central bank’s target range of 6 percent to 10 percent in four years.

The West African nation’s central bank reduced the benchmark rate to a four-year low of 18 percent in March as prices rose at a slower pace. Lower borrowing costs may further boost expansion in one of the continent’s fastest-growing economies.

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