Bank of Ghana - Annual Report 2006

Monetary policy continued to focus on achieving single digit inflation in 2006 following a rise in global oil costs and a full de-regulation of petroleum prices in the domestic market.

The central bank failed to meet its target with recorded inflation for the year reaching a little more than 10%.

The last quarter of the year also saw the redenomination of the cedi, which took effect in August 2007, where 10,000 cedis became equivalent to one Ghana cedi.

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