The Bank of Ghana’s easing cycle has reached borrowers. The monetary policy rate stood at 14.0 percent in August 2026, down from 25.0 percent in August 2025, a cumulative 11 percentage points of cuts as inflation moderated. The interbank weighted average rate fell to 10.2 percent from 23.3 percent over the same year, and the average lending rate of banks eased to 15.9 percent from 24.2 percent, the central bank said, describing a pass-through of the policy reduction to market rates.
Treasury bill rates fell further than lending rates. The 91-day, 182-day and 364-day bill rates in August were 5.4, 7.3 and 12.2 percent, against 10.3, 12.3 and 13.1 percent a year earlier, which the bank attributed to sustained investor demand at the short end, improved inflation expectations and the government’s effort to reduce domestic financing costs. Rates on medium and long-term government bonds were broadly unchanged, on limited activity in that segment. Real interest rates remained broadly positive, because disinflation ran faster than the decline in nominal rates.
The central bank’s October Banking Sector Development Report adds that the credit-to-GDP gap remained negative through the first eight months of 2026, which it reads as an absence of excessive credit build-up and limited systemic risk, with room for measured credit expansion. Its macro-financial risk map showed risks moderating into the end of September on a declining fiscal deficit, lower inflation, exchange rate stability and declining public debt, with Middle East geopolitics the named external caveat.