The Bank of Ghana raised its benchmark monetary policy rate by 100 bps to 14.5% during its November 2021 meeting, against market expectations of 13.5%. It was the first rate hike since November of 2015, citing significant risks to the inflation outlook while the economy continues to recover. Ghana’s inflation rate jumped to a 15-month high of 11% in October, breaching the upper limit of the central bank’s target band of 6% to 10% for a second time. In addition, all the Bank’s core measures of inflation have increased, indicating broad-based underlying inflation pressures, with the potential of de-anchoring inflation expectations. . source: Bank of Ghana

Interest Rate in Ghana averaged 18.71 percent from 2000 until 2021, 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. This page provides - Ghana Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ghana Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2022.

Interest Rate in Ghana is expected to be 14.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Ghana Interest Rate is projected to trend around 16.00 percent in 2022, according to our econometric models.

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Ghana Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-26 01:00 PM 13.5% 13.5% 13.5% 13.5%
2021-09-27 12:00 PM 13.5% 13.5% 13.5%
2021-11-22 12:30 PM 14.5% 13.5% 13.5% 13.5%
2022-01-31 12:30 PM 14.5% 14.5%


Related Last Previous Unit Reference
Interest Rate 14.50 14.50 percent Nov/21
Banks Balance Sheet 169314.31 166764.98 GHS Million Jul/21
Foreign Exchange Reserves 10728.99 11026.91 USD Million Jul/21
Central Bank Balance Sheet 136584.12 137851.69 GHS Million Jul/21

News Stream
Ghana Unexpectedly Hikes Key Rate to 14.5%
The Bank of Ghana raised its benchmark monetary policy rate by 100 bps to 14.5% during its November 2021 meeting, against market expectations of 13.5%. It was the first rate hike since November of 2015, citing significant risks to the inflation outlook while the economy continues to recover. Ghana’s inflation rate jumped to a 15-month high of 11% in October, breaching the upper limit of the central bank’s target band of 6% to 10% for a second time. In addition, all the Bank’s core measures of inflation have increased, indicating broad-based underlying inflation pressures, with the potential of de-anchoring inflation expectations.
2021-11-22
Ghana Keeps Key Interest Rate at 13.5%
The Bank of Ghana held its monetary policy rate at 13.5% during its September meeting, saying the risks to inflation and growth were broadly balanced. Inflation accelerated to 9.7 percent in August, from a 9 percent rise in July, driven mainly by sustained food price increases but remaining within the Central bank’s target range of 8±2%, closer to the upper limit in the near-term. Policymakers added that a close monitoring of the inflation situation is needed to respond swiftly to prevent potential second round effects on headline inflation from the rising food inflation.
2021-09-27
Ghana Holds Key Interest Rate at 13.5%
The Bank of Ghana held its monetary policy rate at 13.5% during its July meeting, after having cut it by 100bps in May, in line with market expectations saying the risks to inflation and growth were broadly balanced. Inflation slowed to 7.8% in June, after hitting 10.3% in March, and remaining within the Central bank’s target range of 8±2%. Policymakers expect inflation to remain within band and around the central path in the forecast horizon barring any upside risks from fiscal pressures.
2021-07-26

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).