The Bank of Ghana left its benchmark interest rate steady at 16% during its November meeting, against market expectations of a 25 bps cut. The decision was mostly a result of proposal to rise the budget deficit to 4.7% in 2020 from 4.5% in 2019 which would threaten economic growth and inflation outlook. Policymakers noted that headline inflation ticked up to 7.7% in October but remained low and below the mid-point of the banks's target band of 6-10%; it is projected to stay within the medium-term target of 8±2% over the forecast horizon. Meantime, indicators of economic activity pointed to strong performance, with GDP growth projected at 7% by the end of 2019, amid expectations of higher mining output, continued implementation of growth-oriented government projects and private sector credit growth. Interest Rate in Ghana averaged 17.94 percent from 2002 until 2019, reaching an all time high of 27.50 percent in March of 2003 and a record low of 12.50 percent in December of 2006. source: Bank of Ghana

Interest Rate in Ghana is expected to be 15.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Ghana to stand at 15.00 in 12 months time. In the long-term, the Ghana Interest Rate is projected to trend around 14.50 percent in 2020, according to our econometric models.

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Ghana Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
16.00 16.00 27.50 12.50 2002 - 2019 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-05-27 11:40 AM 16% 16% 16% 16%
2019-07-19 02:00 PM 16% 16% 16% 16%
2019-09-20 12:00 PM 16% 16% 16% 16%
2019-11-25 01:00 PM 16% 16% 15.75% 15.75%
2020-01-31 01:00 PM 16% 15%


News Stream
2019-09-20
Ghana Leaves Policy Rate at 16%
The Bank of Ghana held its benchmark interest rate at 16% during its September meeting, as widely expected, saying that economic growth remains strong and the medium-term outlook is positive, amid expectations of higher production in the oil and gas and mining sectors. Policymakers noted that despite headline inflation continued its downward trajectory, underlying price growth and inflation expectations rose slightly, reflecting emerging pressures coming mainly from the recent upward adjustment of utility tariffs, ex-pump prices and transport fares; and whose impact have to be monitored closely over the next quarter. Meantime, the bank voiced concerns about the country's fiscal situation and the slowdown in global economy.

2019-07-19
Ghana Holds Policy Rate at 16%
The Bank of Ghana held its benchmark interest rate at 16 percent during its July meeting, saying that economic growth is expected to remain robust in the second half of the year while inflation has remained within the target range in the last 15 months. Still, policymakers voiced concerns about uncertainties surrounding global trade and geopolitical tensions.

2019-05-27
Ghana Leaves Key Interest Rate at 16%
The Bank of Ghana held the prime lending rate steady at 16% at its May 27th 2019 meeting, as widely expected. Policymakers said that despite the rise in headline inflation to 9.5% in April 2019 from 9.3% in March, it remains inside the medium term target band and inflation expectations are well-anchored. Also, the cedi has recovered most of the losses since a surprise rate cut in January led the currency to weaken sharply against the dollar. The bank added that economic growth remains relatively strong and it is projected to gain steam, supported by oil production. The Committee will continue to closely monitor both global and domestic developments and stands ready to take appropriate measures if necessary to maintain price stability.

2019-04-01
Ghana Holds Key Interest Rate at 16%
The Bank of Ghana kept its prime lending rate steady at 16% at its April 1st 2019 meeting, as widely expected. Policymakers said that despite the uptick in annual inflation to 9.2% in February 2019 from 9.0% in January, it stands within the medium term target band and inflation expectations are well-anchored. The bank added that economic activity picked up to 3.2% in January 2019 from 2.4% in December. Moreover, the economy is projected to expand by 5.6% in 2018 and 7.6% in 2019, with the preparation of new oil wells including those of AKER ENERGY, the re-opening of operations at the Obuasi mine, and the implementation of growth-oriented government initiatives as main drivers of growth. However, it was noted the sustained weakness of the cedi against the major international currencies in February and March 2019. In January, the surprise rate cut led the cedi to weaken sharply against the dollar to close an all-time low.

2019-01-28
Ghana Unexpectedly Cuts Key Interest Rate to 16%
The Bank of Ghana lowered its prime lending rate by 100 points to 16 percent at its January 28th 2019 meeting, bringing it to the lowest rate since 2013. Markets had expected no change in monetary policy. Policymakers said that the disinflation process continued in 2018 and inflation is expected to stay within the medium-term target range (8 +/- 2 percent), barring any unanticipated shocks. In December, the inflation rate edged up to 9.4 percent from 9.3 percent in November. Meanwhile, the bank suggested that it may lower its inflation target to contain price-growth expectations. The Committee added that the economic growth has been firm and it is projected to be at 5.6 percent in 2018.


Ghana Interest Rate
In Ghana, interest rates decisions are taken by the Monetary Policy Committee of the Bank of Ghana. The official interest rate is the Monetary Policy Rate (MPR).

Ghana Money Last Previous Highest Lowest Unit
Interest Rate 16.00 16.00 27.50 12.50 percent [+]
Banks Balance Sheet 118912.87 114793.65 118912.87 1923.60 GHS Million [+]
Foreign Exchange Reserves 7965.72 8226.10 9959.61 300.26 USD Million [+]
Central Bank Balance Sheet 85873.08 82381.98 85873.08 4630.30 GHS Million [+]