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.