The Bank of Ghana left its benchmark interest rate at a record high as it expects the disinflation trend to continue.

The monetary policy committee held the rate at 30% for a second straight meeting, in line with all six economists’ forecasts in a Bloomberg survey. Prior to holding borrowing costs, the MPC raised the rate by a cumulative 16.5 percentage points since November 2021.

Annual inflation eased to a 14-month low of in October of 35.2% from 38% a month earlier.

--With assistance from Simbarashe Gumbo.