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25.10.2008 Business & Finance

Ghana says delays interest rate announcement

By Reuters

Ghana's Central Bank has delayed by one day the expected interest rate announcement by its Monetary Policy Committee (MPC) as it analyses the impact of world money market troubles on Ghana, it said late on Friday.

The MPC is now due to make public its decision on October 28 rather than October 27 as previously planned, bank spokeswoman Esi Hammond said.

"Apart from the general report on the economy, they'll do a separate report on the impact of the financial crisis," she said.

The MPC is expected to announce its decision on whether to change the prime rate, which was raised to a 3-year high of 17 percent in July after inflation grew to 18.4 percent in June.

Since then, inflation has eased for a third month running to 17.9 percent in September, with a state statistician predicting it could fall to 17 percent by the end of the year.