这国央行，突然猛烈降息350个基点

Core Viewpoint - The Bank of Ghana has lowered its key interest rate for the third consecutive time, reducing it by 350 basis points to 18%, amid expectations of continued inflation decline [1] Economic Outlook - The government forecasts an economic growth rate of approximately 4% for this year, with expectations to reach at least 4.8% by 2026 [2] - Inflation is projected to remain around 8% by the end of next year [2] Monetary Policy Changes - The Bank of Ghana will now use 14-day treasury bills to manage market liquidity [3] - Analysts expect this decision to gradually lower loan interest rates, providing relief to businesses and households facing high borrowing costs [4] Inflation and Currency Strength - Ghana's inflation rate peaked above 54% in December 2022 but has since decreased, reaching 8% last month, the lowest in over four years [1] - The Ghanaian currency, the cedi, has appreciated approximately 30% against the US dollar this year, alleviating inflationary pressures [1] Fiscal Policy and Future Expectations - The government aims to maintain fiscal restraint as it prepares to exit the IMF program, with a projected primary fiscal surplus of 1.5% of GDP by 2026 [1] - The central bank has cut the policy rate by a total of 1000 basis points by 2025, marking one of the most significant easing cycles in recent years [5] - The Bank of Ghana's dovish tone suggests potential for further rate cuts, with market expectations for at least another 500 basis points reduction by 2026 [5]