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.

Ghana is expected to lower interest rates for the first time in eight months after the pace of inflation slowed in the West African nation and is expected to cool further.

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.

The Swiss National Bank on Thursday took a third step to loosen monetary policy this year, bringing its key interest rate down by 25 basis points to 1.0%. The reduction comes amid subdued domestic inflation and a rally in the Swiss franc.