Ghana’s interest rate still highest in Africa – Report

Interest rates in Ghana have topped the chart in Africa over the last two years.

This year, after the country received the first tranche of the loan from the International Monetary Fund, coupled with the completion of the debt exchange program, interest rates on treasury bills saw a decline.

Despite the decline, a report by myjoyonline.com curated from investment firms has noted that the rates of about 29.24% and 31.88% for the 91-day and 182-day treasury bills respectively are still high.

Also, yields on the 91-day and 182-day fell by 6.12% and 4.10% respectively in 2023.

Currently, interest rates are hovering around 32%, putting Ghana first among the highest on the African continent.

Egypt followed Ghana closely with the second highest interest rates in Africa (91-day bill: 25.68%, 182-day bill: 25.95%).

Cape Verde and Seychelles recorded the lowest interest rates in Africa.

Some African countries with the highest interest rates

COUNTRY INTEREST RATE (91-DAY BILL) RANKING

Ghana 29.24% 1st

Egypt 25.68% 2nd

Kenya 15.98% 3rd

Malawi 14.70% 4th

SSD/OGB

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