FLASHBACK: Ghana has highest interest, lending rates in Africa

Research conducted by some banks in Ghana in 2022 showed that Ghana had the highest interest and lending rates in Africa.

At the time of the research, Treasury bill rates were above 30%, while lending rates were hovering around 35%.

After a year, the rates are still above 30%, and the monetary policy rates currently stand at 30%.

Read the full story originally published on September 28, 2022 by GhanaWeb

Data has shown that Ghana is currently leading among African countries with the highest interest rates.

The data which was tracked by Pan African Bank, Absa Group, and Databank Research revealed that Ghana’s 30.1% and 31.3% interest rates on the 91-day and 182-day Treasury bills respectively are also among the highest globally.

This was contained in a myjoyonline.com report on September 28, 2022.

Additionally, Ghana’s lending rates which stand at around 35% put the country among the highest on the continent.

Egypt follows Ghana closely with a 91-day Treasury bill rate of 15.60%.

However, Seychelles has the lowest interest rate of 0.88% among the top 11 African countries.

In Ghana’s case despite the high-interest rates, inflation rates stand at an all-time high of 33.9%, even higher than the interest rates.

This will mean that investors’ return on Treasury bills is negative.

However, it is unclear what the outcome of the BoG’s monetary policy committee meeting will be, as it is expected that it will further hike the policy rate.

The monetary policy rate currently stands at 22%.

Top African countries with the lowest interest rates

COUNTRIES 91-Day T-bills 182-Day T-bills RANKINGS

Seychelles 0.88% 1.47% 1st

Mauritius 1.00% 1.12% 2nd

Tanzania 3.00% 4.08% 3rd

Botswana 3.35% 4.02% 4th

Nigeria 5.50% 6.00% 5th

South Africa 5.63% 6.99% 6th

Namibia 7.11% 7.54% 7th

Kenya 8.95% 11.83% 8th

Uganda 9.31% 11.83% 10th

Zambia 9.94% 10.00% 11th

Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

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