The Bank of Ghana kept its benchmark interest rate unchanged at 14.0% during its July 2026 meeting, pausing after five consecutive rate cuts. The decision aligns with a growing number of central banks opting to keep borrowing costs higher for longer amid renewed geopolitical tensions in the Middle East and their potential impact on inflation. Governor Johnson Asiama said the current policy stance is intended to steer inflation toward the central bank's medium-term target while allowing policymakers more time to assess incoming data and its implications for the domestic economy. Headline inflation accelerated to 5.3% in June from 3.7% in May, driven largely by higher fertilizer prices following the surge in global oil prices. source: Bank of Ghana

The benchmark interest rate in Ghana was last recorded at 14 percent. Interest Rate in Ghana averaged 19.91 percent from 2000 until 2026, reaching an all time high of 30.00 percent in July of 2023 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 2026.

The benchmark interest rate in Ghana was last recorded at 14 percent. Interest Rate in Ghana is expected to be 14.00 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 12.50 percent in 2027 and 10.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-03-18 03:15 PM Interest Rate Decision 14% 15.5% 14.5% 15.5%
2026-05-20 04:30 PM Interest Rate Decision 14% 14% 14%
2026-07-22 02:20 PM Interest Rate Decision 14% 14% 14%
2026-09-24 12:00 PM Interest Rate Decision 14%
2026-11-18 12:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 506805.38 494504.37 GHS Million Apr 2026
Central Bank Balance Sheet 332185.16 321378.89 GHS Million Apr 2026
Foreign Exchange Reserves 13947.80 14159.40 USD Million Apr 2026
Interest Rate 14.00 14.00 percent Jul 2026
Money Supply M1 228771.40 222564.90 GHS Million Apr 2026
Money Supply M2 338475.90 329534.90 GHS Million Apr 2026


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
14.00 14.00 30.00 12.50 2000 - 2026 percent Daily

News Stream
Bank of Ghana Keeps Key Rate Unchanged
The Bank of Ghana kept its benchmark interest rate unchanged at 14.0% during its July 2026 meeting, pausing after five consecutive rate cuts. The decision aligns with a growing number of central banks opting to keep borrowing costs higher for longer amid renewed geopolitical tensions in the Middle East and their potential impact on inflation. Governor Johnson Asiama said the current policy stance is intended to steer inflation toward the central bank's medium-term target while allowing policymakers more time to assess incoming data and its implications for the domestic economy. Headline inflation accelerated to 5.3% in June from 3.7% in May, driven largely by higher fertilizer prices following the surge in global oil prices.
2026-07-22
Ghana Pauses Monetary Easing Cycle
The Bank of Ghana left its benchmark interest unchanged at 14% in its May 2026 meeting, pausing after five consecutive rate cuts. Policymakers said the decision reflected a cautious but supportive stance designed to anchor inflation expectations while also supporting economic activity. Governor Johnson Asiama noted that the Middle East conflict had “stoked inflationary concerns and underlined policy uncertainty, with potential implications for the domestic economy.” Ghana’s annual inflation rate inched up to a three-month high of 3.4% in April, from 3.2% in March, but remained subdued overall.
2026-05-20
Ghana Cuts Interest Rate 150bps
The Bank of Ghana cut its benchmark interest rate by 150bps to 14% in its March 2026 decision, a fifth consecutive rate cut to mark the loose return to borrowing costs from the period before the Russian invasion of Ukraine triggered a global inflation shock. The cut contrasted slightly with the market consensus of a softer 100bps cut, reflecting policymakers' greater priority of addressing growth concerns despite upside risks to inflation. Headline inflation recently slowed to a 25-year low of 3.3% in February, but base effects and a surge in global energy prices triggered by the war in the Persian Gulf are likely to trigger some traction in price growth. On the other hand, the surge in gold prices last year increased the foreign exchange influx into Ghana, limiting the pressure that the Central Bank faces to defend the cedi and adding some leeway for lower policy rates.
2026-03-18