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.

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Ghana Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-01-30 12:00 PM 28% 27% 28.75% 28.5%
2023-03-27 11:50 AM 29.5% 28% 28% 28.0%
2023-05-22 11:20 AM 29.5% 29.5% 29.5%
2023-07-24 12:00 PM 29.5%
2023-09-25 12:00 PM
2023-11-27 12:00 PM


Related Last Previous Unit Reference
Interest Rate 29.50 29.50 percent May 2023
Foreign Exchange Reserves 5216.00 5110.70 USD Million Apr 2023
Banks Balance Sheet 224266.87 253456.08 GHS Million Dec 2022
Central Bank Balance Sheet 166803.91 203995.49 GHS Million Dec 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
29.50 29.50 29.50 12.50 2000 - 2023 percent Daily

News Stream
Ghana Keeps Key Interest Rate at 29.5%
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.
2023-05-22
Ghana Hikes Key Interest Rate to 29.5%
The Bank of Ghana lifted its benchmark monetary policy rate further by 150 bps to 29.5% during its March 27th 2023 meeting, while most analysts had expected it to remain steady at 28%. It marks the second consecutive rate hike this year, pushing borrowing costs to their highest level since at least January 2001, in an effort to re-anchor inflation expectations toward the medium target and thus put the economy firmly on the path of stability. The headline inflation rate, though more than five times the 10% ceiling of the central bank’s target range, has dropped for the second consecutive month to 52.8% in February after reaching a record high of 54.1% in December. The bank said inflation is expected to reach 29% by the end of the year. Meanwhile, the country is facing its worst economic crisis in decades and is in the process of restructuring its debt in order to secure a $3 billion loan from the International Monetary Fund.
2023-03-27
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