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Lower inflation

    ABIDJAN

    Ghana's inflation rate fell from 15.7 percent in December to 15 percent at the end of February, PANA reported Henry Kwampah, head of the research department of Bank of Ghana, as saying.

    Opening a three-day seminar on financial and economic reporting on Tuesday, he added that the money supply increased by 16.8 percent in 1998 with the central bank's net financial assets growing by US $100 million, exceeding an original target of US $60 million.

    Kwampah attributed the developments to a tight monetary policy by the central bank.

    The money supply grew by 17.6 percent in December 1998, and by 17.2 percent at the end of February 1999, according to Kwampah.

    He also said that the local currency, the cedi, depreciated by four percent in 1998 as against almost 23 percent in 1997.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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