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Consumer Inflation in Ghana Drops for the Fourth Consecutive Month

Ghana’s central bank kept its key interest rate at 29.5%, citing tight monetary policy and comparatively stable currency rates as factors contributing to falling inflation. Ernest Addison, governor of the Bank of Ghana, said that there had been a notable reduction in the number of products in the Consumer Price Index basket reporting inflation exceeding 50% since the year’s beginning. Additionally, after reaching a more than two-decade inflation-rate high of 54.1% in December, Ghana’s consumer inflation dropped for the fourth consecutive month in April, to 41.2% year on year. The country’s administration also got a big break in the form of a $3 billion, three-year support program from the executive board of the International Monetary Fund last week, allowing for an immediate transfer of around $600 million and a potential exit from the crisis.