The Bank of Ghana held its benchmark monetary policy rate steady at a record level of 29.5% during its May 22nd 2023 meeting, after raising it by 150 bps in March. The decision was driven by expectations that inflation will continue its downward trajectory as food prices are likely to ease over the harvest season. Additionally, the recent approval of a three-year $3 billion dollar loan from the International Monetary Fund should support the cedi. Meawnhile, the Bank of Ghana has signed the Memorandum of Understanding on zero financing to the budget to eliminate fiscal dominance and allow for a faster decline in inflation towards the target band. Ghana’s annual inflation rate fell for the fourth month to 41.2% in April 2023, the lowest in six months, down from 45% in March and a more than two-decade high of 54.1% in December. Regarding growth, high-frequency indicators suggested domestic economic activity remained weak in the first quarter of 2023. source: Bank of Ghana
Interest Rate in Ghana averaged 19.08 percent from 2000 until 2023, reaching an all time high of 29.50 percent in March 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 June of 2023.
Interest Rate in Ghana is expected to be 29.50 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 27.00 percent in 2024 and 25.00 percent in 2025, according to our econometric models.