Average lending rates

27 Mar

Average Lending Rates Shoot Up Marginally To 36.64% – BoG

wontumionlineBusinessAverage lending rates, BoG, MPC

Average lending rates shot up marginally to 36.64% in February 2023, from 35.58% recorded in December 2022, data from the Bank of Ghana has revealed. This is equivalent to 3.02% interest rate on loans per month. In January 2023, the average cost of borrowing stood at 35.85%. With the Monetary Policy Committee of the Bank of Ghana expected to announce developments in the Ghanaian economy today March 27, 2023, particularly its key lending rate – Policy rate, it is expected that the policy rate will remain unchanged for the next two and half months. This will keep lending rates still…

31 Jan

Policy Rate Increases To 28%; Cost Of Loans To Surge

wontumionlineBusinessAverage lending rates, BoG, policy rate

The Monetary Policy Rate of the Bank of Ghana has increased its policy rate – the rate at which it lends to commercial banks – by 100 basis points to 28%. Within a year, the rate has gone up by a staggering 13.5% The Central Bank cited downside risks to inflation and exchange rate depreciation as the major reason. These risks have been driven by fiscal imbalances. “In the interim, the MPC [Monetary Policy Committee] sees the need to remain vigilant and moderate liquidity in the system to underpin macroeconomic adjustments taking place to drive inflation on a downward path.…