The Bank of Ghana raised its benchmark monetary policy rate by 300 bps to 22% at an emergency meeting on August 17th, the largest rate ever and bringing borrowing costs to the highest since June 2017. Three weeks earlier the central bank kept the rate at 19% saying it was appropriate to pause and observe the impact of the recent monetary policy measures already taken. However, Ghana's cedi currency continued to break record lows and updated figures showed inflation accelerated to 31.7% in July, the highest since 2003 and above market expectations. source: Bank of Ghana

Interest Rate in Ghana averaged 18.69 percent from 2000 until 2022, 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 September of 2022.

Interest Rate in Ghana is expected to be 22.00 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 23.50 percent in 2023 and 18.00 percent in 2024, according to our econometric models.

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Ghana Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-23 11:45 AM 19% 17% 18.75% 19%
2022-07-25 10:45 AM 19% 19% 19%
2022-08-17 07:30 PM 22% 19% 21%
2022-09-26 12:30 PM 22% 22%
2022-11-28 12:30 PM 22%


Related Last Previous Unit Reference
Interest Rate 22.00 22.00 percent Aug 2022
Banks Balance Sheet 196933.81 189613.80 GHS Million Mar 2022
Foreign Exchange Reserves 8790.04 9547.96 USD Million Mar 2022
Central Bank Balance Sheet 161358.22 153878.30 GHS Million Mar 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
22.00 22.00 27.50 12.50 2000 - 2022 percent Daily

News Stream
Ghana Hikes Interest Rate by 300 bps
The Bank of Ghana raised its benchmark monetary policy rate by 300 bps to 22% at an emergency meeting on August 17th, the largest rate ever and bringing borrowing costs to the highest since June 2017. Three weeks earlier the central bank kept the rate at 19% saying it was appropriate to pause and observe the impact of the recent monetary policy measures already taken. However, Ghana's cedi currency continued to break record lows and updated figures showed inflation accelerated to 31.7% in July, the highest since 2003 and above market expectations.
2022-08-17
Ghana Keeps Rates Unchanged
The Bank of Ghana kept its main interest rate unchanged at 19% on July 25th 2022, saying it is appropriate to pause and observe the impact of the recent monetary policy measures already taken. The bank has increased its prime lending rate by 550 basis points since the end of last year aiming to curb high inflation. The central bank also mentioned a deceleration in inflation and concerns over economic growth. Ghana’s annual inflation rate accelerated for the 13th consecutive month to 29.8% in June of 2022, reaching the highest since December of 2003.
2022-07-25
Ghana Hikes Key Interest Rate to 19%
The Bank of Ghana raised its benchmark monetary policy rate by 200 bps to 19% during its May 2022 meeting, against market expectations of 18.75%. It was the second consecutive rate hike this year, bringing borrowing costs to the highest level since February of 2018, to re-anchor inflation expectations and help foster macroeconomic stability. The headline inflation accelerated to 23.6% in April, the highest in almost two decades, above the central bank’s preferred range of 6% to 10% for eight consecutive months. Governor Ernest Addison said that central bank forecasts show a "prolonged horizon" for inflation to return to its target band. Meanwhile, growth prospects in the domestic economy remain positive and the Bank’s high-frequency indicators point to continued and increased momentum in economic activities.
2022-05-23