The central bank of Ghana held its policy rate unchanged at 15.0 percent, saying the risks to inflation and growth were balanced despite the worsening in global economic conditions and uncertainties that could adversely affect the country's economy if prolonged.
The Bank of Ghana, which has raised its rate by 250 basis points this year, said the domestic economy had improved in the third quarter and inflationary expectations had diminished.
"The bank's inflation forecast indicates that inflation has been well anchored within the projected band of 8.5, plus/minus 2 percent and is likely to end the year in a single digit," the bank said.
Ghana's headline inflation eased to 9.4 percent in September from 9.5 percent in August, with food inflation stable at 4.4 percent, the bank said.
Second quarter Gross Domestic Product growth was estimated at 2.5 percent, down from 20.6 percent in the same 2011 quarter, mainly due to the base effects from the addition of oil, the bank said.
The bank added that exchange rate pressures, which threatened the economy's stability and boosted inflation in the first half of the year, have eased and in the past two months the cede currency had appreciated marginally against the U.S. dollar, helping lower inflation expectations.