Ghana’s inflation rate dropped to 18.37 percent in the month of September from August’s 19.65 percent. This decline makes three months consecutively and strengthens the possibility of an interest rate cut. Ghana has not had a rate cut in three years.

Slowing inflation may prompt the central bank to cut its prime lending rate for the first time since 2006, Governor Kwesi Amissah-Arthur said in an interview on Sept. 30, a day before he took office. The Bank of Ghana has kept its key lending rate steady at 18.5 percent since February.

Although the Ghana Cedi has been declining against the U.S. Dollar, Finance Minister Kwabena Duffuor said back in August that inflation would fall to 14.5 percent due the stability of the Ghana Cedi.

Bank of Ghana Governor Kwesi Amissah-Arthur mentioned prior to his appointment in september that the central bank may cut the prime lending rate if inflation continues its downward trend; a move not seen since 2006.

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