The Bank of Ghana lowered its prime lending rate by 100 points to 16 percent at its January 28th 2019 meeting, bringing it to the lowest rate since 2013. Markets had expected no change in monetary policy. Policymakers said that the disinflation process continued in 2018 and inflation is expected to remain within the medium-term target range (8 +/- 2 percent), barring any unanticipated shocks. In December, the inflation rate edged up to 9.4 percent from 9.3 percent in November, but stood inside the target for the ninth month running. Meanwhile, the bank suggested that it may lower its inflation target to contain price-growth expectations. Interest Rate in Ghana averaged 18.06 percent from 2002 until 2019, 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.
Interest Rate in Ghana is expected to be 16.00 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 14.75 in 12 months time. In the long-term, the Ghana Interest Rate is projected to trend around 14.75 percent in 2020, according to our econometric models.