BOG Policy Rate in Ghana
The BOG Policy Rate ended 2022 at 27.00%, up from the 14.50% value at the end of 2021, and above the 16.00% rate a decade earlier. For reference, the average policy rate in Sub-Saharan Africa was 11.80% at the end of 2022. For more interest rate information, visit our dedicated page.
Ghana Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Ghana from 2013 to 2022.
Source: Bank of Ghana.
Ghana Interest Rate Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| BoG Policy Rate (%, eop) | 17.00 | 16.00 | 14.50 | 14.50 | 27.00 |
Bank of Ghana sticks to 30.00% rate in September
At its meeting on 18–22 September, the Monetary Policy Committee of the Bank of Ghana (BOG) kept its monetary policy rate unchanged at 30.00%.
The decision was driven by the decreases in headline and core inflation since the start of the year and “well-anchored” survey-based expectations for the year ahead. Meanwhile, the Bank noted that the cedi had remained roughly stable in January–September—after tanking last year—amid a current account surplus, the influx of USD 600 million in financial support from the IMF in May and an increase in external reserves. Lastly, the BOG noted that its economic activity indicator has contracted less since the start of the year.
In its press release, the BOG did not provide any forward guidance. However, the Bank noted that there are upside risks to inflation stemming from utility price increases and rising global commodity prices. Most of our panelists project that the BOG has reached the end of its hiking cycle and anticipate monetary easing in Q1 2024. The next monetary policy meeting will be on 22–24 November, with the decision scheduled to be announced on 27 November.
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 9 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.