Q2 GDP growth, dipping inflation fuel rate-cut hopes

Ghana's economy grew by 5.8% in the first half of 2024, with a strong 6.9% GDP growth in the second quarter, the highest in five years.

This has led to speculation that the Bank of Ghana may reduce its current 29% interest rate in the upcoming September Monetary Policy Committee meeting.

While inflation has decreased from 54.1% in December 2022, some analysts urge caution due to potential challenges in agriculture and services.

External factors, such as the U.S. Federal Reserve’s recent interest rate cut, may also influence Ghana's monetary policy decisions.