#ghanainterestrate

The Bank of Ghana lifted its benchmark monetary policy rate further by 150 bps to 29.5% during its March 27th 2023 meeting, while most analysts had expected it to remain steady at 28%. It marks the second consecutive rate hike this year, pushing borrowing costs to their highest level since at least January 2001, in an effort to re-anchor inflation expectations toward the medium target and thus…

The Bank of Ghana raised its benchmark monetary policy rate by 100 bps to 28% during its January 2023 meeting, below market forecasts of 28.75%, bringing borrowing costs to the highest since at least the 2000s, to try to tame soaring inflation and shore up its currency. The annual headline inflation rate is quintuple the 10% ceiling of the central bank’s target range, having reached 54.1% in…

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 250 basis points to 27 percent The prime rate, which is of keen interest to businesses, signals the rate at which the Central Bank will lend to commercial banks. It also subsequently influences average lending rates on loans to individuals and businesses. In his address to the media,…

Ghana Hikes Interest Rate To 24.5%

The Bank of Ghana raised its benchmark monetary policy rate by a further 250 bps to 24.5% during its October 2022 meeting, above market forecasts of 23%, bringing borrowing costs to the highest since 2017. It marks the fourth consecutive hike this year, in order to contain strong inflationary pressures and support the cedi which depreciated by 37.5% against the dollar in the year to…

Policy makers met to tackle rising inflation, sliding currencyCentral bank plans to buy foreign-exchange from companies Ghana’s central bank increased its benchmark interest rate by its biggest margin on record to tame inflation and stabilize the nation’s tumbling exchange rate at a special monetary policy meeting. Policy makers raised the rate by 300 basis points to 22%, the Bank of Ghana said…

Ghana Hikes 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,…

Bank of Ghana Raises Interest Rate To 14.5%

The Monetary Policy Committee of the Bank of Ghana (BoG) has increased the policy rate by 100 basis points to 14.5 percent. The policy rate is the rate at which the central bank lends to commercial banks inn the country. Announcing the rate in press statement the committee said Headline inflation has risen consistently from the low of 7.5 percent in May 2021 to 11.0 percent in October driven by…

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…