Ghana’s new Central Bank governor Kwesi Amissah-Arthur said he may reduce interest rates for the first time since 2006 if inflation continues to slow.

Amissah-Arthur who starts work today has also promised major policy reversals and urged the government to aim for a faster economic growth rate.

He questioned inflation targeting following the failure by the bank to achieve its targets in 2007 and 2008 despite raising the prime rate to 18.5% from 12.5% in 2006. 

 “If inflation targeting has failed to achieve the result of bringing inflation down to single digits, then we should look at other instruments,” Amissah-Arthur told Bloomberg in Accra.