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.