The Bank of Ghana raised its benchmark monetary policy rate by 100 bps to 28% during its January 2023 meeting, below market forecasts of 28.75%, bringing borrowing costs to the highest since at least the 2000s, to try to tame soaring inflation and shore up its currency. The annual headline inflation rate is quintuple the 10% ceiling of the central bank’s target range, having reached 54.1% in December of 2022. The economic growth slowed to 2.9% in the third quarter of 2022 from 4.7% in the prior three months and is likely to remain subdued due to the debt crisis and spending pressures. The cedi currency has depreciated around 50% against the dollar last year, as the country is facing multiple financial and economic challenges in its worst economic crisis in decades. Meanwhile, Ghana has secured a US$3 billion bailout from the International Monetary Fund to help it restore macroeconomic stability. . source: Bank of Ghana

Interest Rate in Ghana averaged 18.90 percent from 2000 until 2023, reaching an all time high of 28.00 percent in January of 2023 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 February of 2023.

Interest Rate in Ghana is expected to be 28.00 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 27.00 percent in 2024 and 25.00 percent in 2025, according to our econometric models.

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Ghana Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-10-06 12:00 PM 24.5% 22% 23% 23%
2022-11-28 12:00 PM 27% 24.5% 26% 26.5%
2023-01-30 12:00 PM 28% 27% 28.75% 28.5%
2023-03-27 12:00 PM 28%
2023-05-22 12:00 PM
2023-07-24 12:00 PM


Related Last Previous Unit Reference
Interest Rate 28.00 28.00 percent Jan 2023
Foreign Exchange Reserves 6238.20 6196.00 USD Million Dec 2022
Banks Balance Sheet 200452.93 196470.54 GHS Million Jun 2022
Central Bank Balance Sheet 154839.27 157058.18 GHS Million Jun 2022

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).
Actual Previous Highest Lowest Dates Unit Frequency
28.00 28.00 28.00 12.50 2000 - 2023 percent Daily

News Stream
Ghana Lifts Key Rate to 28%
The Bank of Ghana raised its benchmark monetary policy rate by 100 bps to 28% during its January 2023 meeting, below market forecasts of 28.75%, bringing borrowing costs to the highest since at least the 2000s, to try to tame soaring inflation and shore up its currency. The annual headline inflation rate is quintuple the 10% ceiling of the central bank’s target range, having reached 54.1% in December of 2022. The economic growth slowed to 2.9% in the third quarter of 2022 from 4.7% in the prior three months and is likely to remain subdued due to the debt crisis and spending pressures. The cedi currency has depreciated around 50% against the dollar last year, as the country is facing multiple financial and economic challenges in its worst economic crisis in decades. Meanwhile, Ghana has secured a US$3 billion bailout from the International Monetary Fund to help it restore macroeconomic stability.
2023-01-30
Ghana Hikes Key Interest Rate to 27%, Above Forecasts
The Bank of Ghana raised its benchmark monetary policy rate by another 250 bps to 27% during its November 2022 meeting, above market forecasts of 26%, bringing borrowing costs to the highest since 2003. This was the fifth consecutive hike this year, in order to curb strong inflationary pressures and support the cedi which depreciated by 54% against the dollar in the year to November. The annual inflation rate continued its upward trend to hit a fresh 21-year high of 40.4% in October, from 37.2% in the previous month. Policymakers said that the inflation forecast shows that headline inflation will likely peak in the first quarter of 2023 and settle at around 25% by the end of 2023. Meanwhile, high-frequency indicators monitored by the Bank signalled some moderation in economic activity in the third quarter, relative to the first two quarters of the year.
2022-11-28
Ghana Lifts Interest Rate to 24.5%
The Bank of Ghana raised its benchmark monetary policy rate by a further 250 bps to 24.5% during its October 2022 meeting, above market forecasts of 23%, bringing borrowing costs to the highest since 2017. It marks the fourth consecutive hike this year, in order to contain strong inflationary pressures and support the cedi which depreciated by 37.5% against the dollar in the year to September. Policymakers said inflation remains elevated and the balance of risks is on the upside, stemming largely from pass-through effects of the currency depreciation, the recent upward adjustment in utility tariffs, and rising inflation expectations. The annual inflation rate quickened for the 15th straight month to 33.9% in August, the highest since 2001 and far above the bank's targeted band of 8% +/- 2 percentage points. Meanwhile, the bank noted that the domestic economy strengthened in the second quarter but the latest high-frequency indicators signalled some moderation in economic activity.
2022-10-06