Ghana lowered interest rates by more than expected after the pace of inflation slowed in the West African nation and is expected to cool further.

Ghana's central bank on Friday slashed its main interest rate by 200 basis points to 27%, its first rate cut since January, as inflation continues to ease while economic recovery remains robust according to the governor.

The Bank of Ghana (BoG) has launched the Ghana Gold Coin (GGC) to create alternate investment for Ghanaians. The GGC is a coin manufactured from dore gold that has been refined to 99.99% purity, which gives the coin the original gold colour. Each coin has the Ghana Coat of Arms in front and the Independence Arch at the back.

Ghana has launched a new gold coin to help it manage money-market liquidity, while boosting domestic savings. The coin, made from gold mined in Africa’s biggest producer of the metal, has been refined to 99.

Ghana's central bank lowered its main interest rate by 200 basis points to 27% from 29% on Friday, its first rate cut since January, after inflation fell for the fifth consecutive month in August.