In Ghana, interest rates decisions are guided by the Monetary Policy Committee of the Bank of Ghana. The official interest rate is the Monetary Policy Rate.
The MPR is used by commercial banks to help calculate their base rates.
Interest rates charged by commercial banks in Ghana are one of the highest in the world.
As January 2016 average lending rates of banks was around 30%.
In March 2016, the Monetary Policy Committee of the Bank of Ghana maintained the policy rate at 26 percent after keeping the rate at 26 percent in January of the same year as a measure of moderating consumer inflation.
Medium term core inflation forecasts remained broadly steady at 8±2 percent for early 2016 and concluded the current tight monetary policy stance, supported by continued fiscal consolidation and improvement in the energy situation, would provide the necessary impetus to rein in inflation pressures.
Interest Rate in Ghana averaged 17.24 percent from 2002, reaching an all-time high of 27.50 percent in March of 2003 and a record low of 12.50 percent in December of 2006.