The Bank of Ghana kept its monetary policy rate at an eight-year low of 14.5% during its March 2021 meeting, to continue supporting the domestic economy from the pandemic crisis while it assesses the impact of new tax measures announced this month and higher utility costs on inflation. Policymakers noted that headline inflation rose to 10.9% in February, slightly above the bank's upper band of the medium-term target band of 8±2%, driven mainly by non-food prices. Still, headline inflation is expected to return to the target band in the second quarter of 2021. Meantime, high-frequency indicators have continued to pick up, reflecting the rebound in economic activity. Presenting the 2021 budget to parliament earlier this month, the acting finance minister announced the government's proposal of introducing six new taxes to help to reduce the fiscal gap which topped 13.8% of GDP in 2020 amid the pandemic crisis. The government expects Ghana's economy to grow by around 5% in 2021. source: Bank of Ghana

Interest Rate in Ghana averaged 17.71 percent from 2002 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 May of 2021.

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. Looking forward, we estimate Interest Rate in Ghana to stand at 12.00 in 12 months time. In the long-term, the Ghana Interest Rate is projected to trend around 12.00 percent in 2022, according to our econometric models.

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Ghana Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
14.50 14.50 27.50 12.50 2002 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-09-28 11:40 AM 14.5% 14.5% 14.5%
2020-11-23 11:45 AM 14.5% 14.5% 14.5%
2021-02-01 02:00 PM 14.5% 14.5% 14.5%
2021-03-22 12:20 PM 14.5% 14.5% 14.5%
2021-05-24 11:00 AM 14.5%
2021-07-26 11:00 AM
2021-09-27 11:00 AM
2021-11-22 11:00 AM


News Stream
Ghana Leaves Interest Rate at 14.5%
The Bank of Ghana kept its monetary policy rate at an eight-year low of 14.5% during its March 2021 meeting, to continue supporting the domestic economy from the pandemic crisis while it assesses the impact of new tax measures announced this month and higher utility costs on inflation. Policymakers noted that headline inflation rose to 10.9% in February, slightly above the bank's upper band of the medium-term target band of 8±2%, driven mainly by non-food prices. Still, headline inflation is expected to return to the target band in the second quarter of 2021. Meantime, high-frequency indicators have continued to pick up, reflecting the rebound in economic activity. Presenting the 2021 budget to parliament earlier this month, the acting finance minister announced the government's proposal of introducing six new taxes to help to reduce the fiscal gap which topped 13.8% of GDP in 2020 amid the pandemic crisis. The government expects Ghana's economy to grow by around 5% in 2021.
2021-03-22
Ghana Holds Key Interest Rate at 14.5%
The Bank of Ghana kept its monetary policy rate at an eight-year low of 14.5% during its January 2021 meeting, saying that risks to the outlook for inflation were broadly balanced. The bank said that although inflation had been on a steady decline in the early months of the fourth quarter of 2020, it rose to 10.4% outside its target range of 8%, plus or minus 2 percentage points. However, the headline inflation is expected to return to target in the second quarter of 2021. Regarding the domestic economy, all the high-frequency indicators of economic activity point to a rebound in economic activity in the fourth quarter and there are indications of steady growth in private sector credit. Still, the threat from the second-wave of the pandemic has again heightened uncertainty and could hamper the recovery process in the short-term.
2021-02-01
Ghana Holds Key Policy Rate at 14.5%
The Bank of Ghana kept its monetary policy rate at an eight-year low of 14.5% during its November meeting. The decision aims to continue supporting economic activity as it waits for the full impact of coronavirus measures to filter through the economy. Meantime, inflation eased for the third consecutive month to 10.1% in October and it is expected to return to within the bank's 6-10 percent target by the second quarter of 2021. Policymakers also said that high frequency indicators show now faster than expected recovery in economic activity.
2020-11-23
Ghana Keeps Key Interest Rate at 14.5%
The Bank of Ghana held its monetary policy rate at an eight-year low of 14.5% during its September meeting, saying that risks to the outlook for inflation and growth are broadly balanced. Policymakers also noted that the policy and regulatory relief measures recently introduced have enhanced liquidity in the banking system, preserved capital buffers, and provided relief to customers severely impacted by the pandemic. The bank said that despite the contraction in the second quarter, leading indicators of economic activity point to recovery in the third and fourth quarters. Still, the economy is seen growing at 2-2.5% this year, sharply down from 6.9% in 2019. The country's consumer price inflation eased to 10.5% in August, slightly above the upper band target, but it is expected to return to the bank's medium-term target of 8% by the second quarter of 2021, amid the easing of Covid-related food price pressures and continued stability in the exchange rate.
2020-09-28

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).