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 July 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.

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Ghana Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-01-31 01:00 PM 14.5% 14.5% 14.5% 14.5%
2022-03-21 12:00 PM 17% 14.5% 16%
2022-05-23 11:45 AM 19% 17% 18.75% 19%
2022-07-25 12:30 PM 19% 19%
2022-09-26 12:30 PM 20%
2022-11-28 12:30 PM 20%


Related Last Previous Unit Reference
Interest Rate 19.00 19.00 percent May 2022
Foreign Exchange Reserves 9547.96 9769.57 USD Million Feb 2022
Banks Balance Sheet 189613.80 183907.76 GHS Million Feb 2022
Central Bank Balance Sheet 153878.30 147975.70 GHS Million Feb 2022

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).
Actual Previous Highest Lowest Dates Unit Frequency
19.00 19.00 27.50 12.50 2000 - 2022 percent Daily

News Stream
Ghana Hikes Key Interest Rate to 19%
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.
2022-05-23
Ghana Makes Biggest Rate Hike in More than 20 Years
The central bank of Ghana increased its key prime interest rate by 250bps to 17% on March 21st 2022. It is the biggest increase in borrowing costs in more than 20 years, citing uncertainty surrounding price development and its impact on economic activity. The bank's governor, Ernest Addison, said during a news conference that "the risks to inflation are on the upside". Annual inflation rate in Ghana accelerated for the ninth consecutive month to 15.7% in February, the highest rate since October of 2016.
2022-03-21
Ghana Holds Key Interest Rate at 14.5%
The Bank of Ghana kept its benchmark monetary policy rate at 14.5% during its January 2022 meeting, in line with market expectations, citing inflation risks. Policymakers added that inflation will likely remain above the targeted band of 8% plus-or-minus 2% in the near-term. In December, the headline inflation rate jumped to the highest level in almost five years to 12.6%.
2022-01-31