Interest Rate in Ghana
Ghana - Interest Rate
Bank of Ghana leaves key policy rate unchanged in November
On 25 November, the Monetary Policy Committee (MPC) of the Bank of Ghana (BOG) decided to hold its key policy rate at 16.00%. The decision was in line with analysts’ expectations and marked the fifth consecutive hold since January’s surprise cut.
Well-anchored inflation and signs of stronger economic activity in the third quarter drove the decision to keep the key policy rate unchanged in November. Inflation logged 7.7% in October (September: 7.6%) and has remained below the middle point of the Bank’s target range of 8.0% plus or minus 2.0 percentage points since the rebasing of the consumer price index in August. Meanwhile, GDP growth appeared to pick up in Q3 on the back of robust private-sector activity and upbeat credit growth.
In its forward-looking guidance, the MPC struck a neutral tone. Although it expects inflation to remain within the 8.0% plus or minus 2.0 percentage-points target band, and economic activity to remain buoyant, concerns over global commodity prices and slower global growth remain key risks to their outlook. As it stands, the large majority of our analysts expects the Bank to lower the key policy rate next year.
The next MPC meeting is scheduled for 22–24 January, with the decision set to be released on 27 January.
FocusEconomics panelists expect the policy rate to end 2020 at 14.93% and 2021 at 14.38%.
Ghana - Interest Rate Data
|Policy Interest Rate (%)||16.00||21.00||26.00||25.50||20.00|
5 years of economic forecasts for more than 30 economic indicators.
Ghana Interest Rate Chart
Source: Bank of Ghana
|Exchange Rate||5.70||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Dec 31|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
January 16, 2020
Consumer prices rose 0.3% in December, slowing from November’s 0.7% increase which had marked the highest reading since June.
January 6, 2020
The Ghana Purchasing Managers’ Index (PMI) ticked up to 52.7 in December, from 52.4 in November and marking a 18-month high.
December 18, 2019
Annual growth inched down to an over one-year low of 5.6% in the third quarter, according to a preliminary estimate released by Ghana’s Statistical Institute on 18 December.
December 11, 2019
Consumer prices rose 0.7% in November, accelerating from October’s 0.4% increase and marking the highest reading since June.
December 4, 2019
The Ghana Purchasing Managers’ Index (PMI) rose to 52.4 in November, from 50.1 in October, marking the best result in 14 months.