Bank of Ghana reports decrease in lending rates amid disinflation efforts

The Bank of Ghana has reported a decrease in the average lending rate to 32.77% in February 2024, down from 33.75% in December 2023, marking a monthly rate of 2.73%.

This reduction aligns with the country's disinflation efforts. The Ghana Reference Rate also stood at 31.31% in February.

According to the January 2024 Summary of Economic and Financial Data released by the Bank of Ghana, the average lending rate stood at 32.94% in January 2024.

With the Monetary Policy Committee's upcoming policy rate decision, analysts anticipate it may hold steady to maintain current inflation levels and stabilize prices of goods and services.

Notably, the Bank of Ghana reduced its base rate by 100 basis points earlier in January 2024, the first cut since 2021.

Lending rates, however, differ across banks and customer risk profiles, ranging from the reference rate to as high as 40%.

ID/ ADG

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