The Bank of Ghana held its monetary policy rate at 13.5% during its September meeting, saying the risks to inflation and growth were broadly balanced. Inflation accelerated to 9.7 percent in August, from a 9 percent rise in July, driven mainly by sustained food price increases but remaining within the Central bank’s target range of 8±2%, closer to the upper limit in the near-term. Policymakers added that a close monitoring of the inflation situation is needed to respond swiftly to prevent potential second round effects on headline inflation from the rising food inflation. source: Bank of Ghana

Interest Rate in Ghana averaged 17.63 percent from 2002 until 2021, 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 October of 2021.

Interest Rate in Ghana is expected to be 13.50 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 12.00 percent in 2022, according to our econometric models.

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Ghana Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-03-22 12:20 PM 14.5% 14.5% 14.5%
2021-05-31 11:30 AM 13.5% 14.5% 14.5% 14.5%
2021-07-26 01:00 PM 13.5% 13.5% 13.5% 13.5%
2021-09-27 12:00 PM 13.5% 13.5% 13.5%
2021-11-22 11:00 AM 13.5% 13.5%


News Stream
Ghana Keeps Key Interest Rate at 13.5%
The Bank of Ghana held its monetary policy rate at 13.5% during its September meeting, saying the risks to inflation and growth were broadly balanced. Inflation accelerated to 9.7 percent in August, from a 9 percent rise in July, driven mainly by sustained food price increases but remaining within the Central bank’s target range of 8±2%, closer to the upper limit in the near-term. Policymakers added that a close monitoring of the inflation situation is needed to respond swiftly to prevent potential second round effects on headline inflation from the rising food inflation.
2021-09-27
Ghana Holds Key Interest Rate at 13.5%
The Bank of Ghana held its monetary policy rate at 13.5% during its July meeting, after having cut it by 100bps in May, in line with market expectations saying the risks to inflation and growth were broadly balanced. Inflation slowed to 7.8% in June, after hitting 10.3% in March, and remaining within the Central bank’s target range of 8±2%. Policymakers expect inflation to remain within band and around the central path in the forecast horizon barring any upside risks from fiscal pressures.
2021-07-26
Ghana Unexpectedly Trims Key Policy Rate to 13.5%
The Bank of Ghana cut its monetary policy rate by 100bps to 13.5 percent at its May 2021 meeting, against market expectations of 14.5 percent, bringing borrowing costs to the lowest level since 2012, to support the recovery of the economy. Governor Addison said that economic activity has picked up strongly, even as new taxes that were implemented this month weighed on consumer and business confidence. He added that the GDP could expand by 4.6% this year, according to the International Monetary Fund projections. At the same time, inflation slowed to a 13-month low of 8.5% in April, moving close to the center of the central bank’s target range of 6% to 10% as food-cost growth eased, and it is expected to reach the midpoint of the target range by June.
2021-05-31
Ghana Leaves Interest Rate at 14.5%
The Bank of Ghana kept its monetary policy rate at an eight-year low of 14.5% during its March 2021 meeting, to continue supporting the domestic economy from the pandemic crisis while it assesses the impact of new tax measures announced this month and higher utility costs on inflation. Policymakers noted that headline inflation rose to 10.9% in February, slightly above the bank's upper band of the medium-term target band of 8±2%, driven mainly by non-food prices. Still, headline inflation is expected to return to the target band in the second quarter of 2021. Meantime, high-frequency indicators have continued to pick up, reflecting the rebound in economic activity. Presenting the 2021 budget to parliament earlier this month, the acting finance minister announced the government's proposal of introducing six new taxes to help to reduce the fiscal gap which topped 13.8% of GDP in 2020 amid the pandemic crisis. The government expects Ghana's economy to grow by around 5% in 2021.
2021-03-22

Ghana Last Unit Reference Previous Highest Lowest
Interest Rate 13.50 percent Sep/21 13.50 27.50 12.50
Banks Balance Sheet 166764.98 GHS Million Jun/21 163089.44 166764.98 1923.60
Foreign Exchange Reserves 11026.91 USD Million Jun/21 11302.41 11302.41 300.26
Central Bank Balance Sheet 137851.69 GHS Million Jun/21 145684.77 145684.77 1223.00


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).