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. source: Bank of Ghana
Interest Rate in Ghana averaged 17.71 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 May of 2021.
Interest Rate in Ghana is expected to be 14.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Ghana to stand at 12.00 in 12 months time. In the long-term, the Ghana Interest Rate is projected to trend around 12.00 percent in 2022, according to our econometric models.