The Bank of Ghana raised its benchmark monetary policy rate by 200 bps to 19% during its May 2022 meeting, against market expectations of 18.75%. It was the second consecutive rate hike this year, bringing borrowing costs to the highest level since February of 2018, to re-anchor inflation expectations and help foster macroeconomic stability. The headline inflation accelerated to 23.6% in April, the highest in almost two decades, above the central bank’s preferred range of 6% to 10% for eight consecutive months. Governor Ernest Addison said that central bank forecasts show a "prolonged horizon" for inflation to return to its target band. Meanwhile, growth prospects in the domestic economy remain positive and the Bank’s high-frequency indicators point to continued and increased momentum in economic activities. source: Bank of Ghana
Interest Rate in Ghana averaged 18.67 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 June of 2022.
Interest Rate in Ghana is expected to be 19.00 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 17.00 percent in 2023 and 14.00 percent in 2024, according to our econometric models.