Latest bank decision: At its meeting on 7 August, the Central Bank decided to lower the target for the overnight...
BoG Policy Rate in Ghana
The BOG Policy Rate (%, eop) ended 2024 at 27.00%, down from the 30.00% end-2024 value and up from the reading of 21.00% a decade earlier. For reference, the average interest rate in Sub-Saharan Africa was 14.31% at end-2024. For more information on interest rate, visit our dedicated page.
Ghana Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Ghana from 2024 to 2023.
Source: Macrobond.
Ghana Interest Rate Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| BOG Policy Rate (%, eop) | 14.50 | 14.50 | 27.00 | 30.00 | 27.00 |
May meeting sees no policy rate change
Central Bank holds interest rates: At its 21–23 May meeting, the Central Bank maintained the policy rate at 28.00%.
Decision influenced by above-target inflation and strong domestic activity: The decision to leave rates unchanged in May was primarily driven by domestic factors, notably the recent evolution of inflation and economic growth. On the one hand, inflation declined for a fourth consecutive month in April, supported by a tight monetary policy stance, the Central Bank’s mopping up of excess liquidity, downward revisions in petrol prices, and exchange rate stability. On the other hand, inflation remains significantly above target, requiring tight monetary policy to continue to support its downward trajectory. Moreover, economic activity growth picked up in March and the Bank was optimistic on the economic outlook, giving policymakers room to keep rates elevated.
Panelists see cuts resuming in Q3: The Central Bank provided no specific forward guidance at its May meeting. Still, our panelists expect cuts to resume in Q3, with the policy rate ending the year 100–600 basis points below its current level. The Bank will reconvene on 21–25 July.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ghanaian interest rate projections for the next ten years from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Ghanaian interest rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Ghanaian interest rate projections.
Want to get access to the full dataset of Ghanaian interest rate forecasts? Send an email to info@focus-economics.com.
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