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. source: Bank of Ghana

Interest Rate in Ghana averaged 18.81 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 December of 2022.

Interest Rate in Ghana is expected to be 27.00 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 28.50 percent in 2023 and 27.00 percent in 2024, according to our econometric models.

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Ghana Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-17 07:30 PM 22% 19% 21%
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 27% 28.5%


Related Last Previous Unit Reference
Interest Rate 27.00 27.00 percent Nov 2022
Banks Balance Sheet 200452.93 196470.54 GHS Million Jun 2022
Foreign Exchange Reserves 7680.34 8110.20 USD 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
27.00 27.00 27.50 12.50 2000 - 2022 percent Daily

News Stream
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
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