{"id":2975,"date":"2026-02-05T02:35:18","date_gmt":"2026-02-05T02:35:18","guid":{"rendered":"https:\/\/rendergh.net\/?p=2975"},"modified":"2026-02-05T02:35:18","modified_gmt":"2026-02-05T02:35:18","slug":"ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop","status":"publish","type":"post","link":"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/","title":{"rendered":"Ghana Reference Rate for February declines marginally to 14.58%; interest rate expected to drop"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Ghana_Reference_Rate_Falls_to_1458_in_February_2026_Offering_Modest_Relief_to_Borrowers\" >Ghana Reference Rate Falls to 14.58% in February 2026, Offering Modest Relief to Borrowers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Drivers_of_the_February_Decline\" >Drivers of the February Decline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Recent_Trend_in_the_Ghana_Reference_Rate\" >Recent Trend in the Ghana Reference Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Understanding_the_Ghana_Reference_Rate\" >Understanding the Ghana Reference Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Implications_for_Borrowers\" >Implications for Borrowers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Banks_Still_Exercising_Caution\" >Banks Still Exercising Caution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Business_Community_Voices_Concern\" >Business Community Voices Concern<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Balancing_Inflation_Control_and_Growth\" >Balancing Inflation Control and Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/rendergh.net\/fr\/ghana-reference-rate-for-february-declines-marginally-to-14-58-interest-rate-expected-to-drop\/#Outlook\" >Outlook<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"210\" data-end=\"307\"><span class=\"ez-toc-section\" id=\"Ghana_Reference_Rate_Falls_to_1458_in_February_2026_Offering_Modest_Relief_to_Borrowers\"><\/span><strong data-start=\"213\" data-end=\"307\">Ghana Reference Rate Falls to 14.58% in February 2026, Offering Modest Relief to Borrowers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"309\" data-end=\"720\">The <strong data-start=\"313\" data-end=\"343\">Ghana Reference Rate (GRR)<\/strong>\u2014the benchmark used by commercial banks to price loans\u2014has declined marginally to <strong data-start=\"425\" data-end=\"460\">14.58 per cent in February 2026<\/strong>, down from <strong data-start=\"472\" data-end=\"501\">15.68 per cent in January<\/strong>, according to market sources. The drop reflects improving macroeconomic indicators and recent policy actions by the <strong data-start=\"618\" data-end=\"641\">Bank of Ghana (BoG)<\/strong> aimed at easing monetary conditions while maintaining macroeconomic stability.<\/p>\n<p data-start=\"722\" data-end=\"930\">The latest reduction signals a cautious but positive shift in Ghana\u2019s credit environment, potentially easing borrowing costs for households and businesses at a time when access to finance remains constrained.<\/p>\n<h3 data-start=\"932\" data-end=\"971\"><span class=\"ez-toc-section\" id=\"Drivers_of_the_February_Decline\"><\/span><strong data-start=\"936\" data-end=\"971\">Drivers of the February Decline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"973\" data-end=\"1073\">The February 2026 GRR was shaped by improvements in the three key variables used in its computation:<\/p>\n<ul data-start=\"1074\" data-end=\"1257\">\n<li data-start=\"1074\" data-end=\"1135\">\n<p data-start=\"1076\" data-end=\"1135\"><strong data-start=\"1076\" data-end=\"1106\">91-day Treasury bill rate:<\/strong> 11.19 per cent (end-January)<\/p>\n<\/li>\n<li data-start=\"1136\" data-end=\"1207\">\n<p data-start=\"1138\" data-end=\"1207\"><strong data-start=\"1138\" data-end=\"1174\">Interbank weighted average rate:<\/strong> 14.91 per cent (January average)<\/p>\n<\/li>\n<li data-start=\"1208\" data-end=\"1257\">\n<p data-start=\"1210\" data-end=\"1257\"><strong data-start=\"1210\" data-end=\"1241\">Monetary Policy Rate (MPR):<\/strong> 15.5 per cent<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1259\" data-end=\"1588\">Sources within the financial sector indicate that the <strong data-start=\"1313\" data-end=\"1388\">recent cut in the Bank of Ghana\u2019s Monetary Policy Rate to 15.5 per cent<\/strong> played a central role in pulling the benchmark rate lower. The reduction in the policy rate signalled the central bank\u2019s growing confidence in the disinflation process and improved fiscal discipline.<\/p>\n<p data-start=\"1590\" data-end=\"1805\">Lower Treasury bill yields and easing conditions in the interbank market further reinforced the downward adjustment, reflecting reduced pressure on short-term government borrowing and improved liquidity among banks.<\/p>\n<h3 data-start=\"1807\" data-end=\"1855\"><span class=\"ez-toc-section\" id=\"Recent_Trend_in_the_Ghana_Reference_Rate\"><\/span><strong data-start=\"1811\" data-end=\"1855\">Recent Trend in the Ghana Reference Rate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1857\" data-end=\"2029\">The February decline continues a broader downward trajectory in the GRR that has unfolded over the past year, following a period of exceptionally tight monetary conditions.<\/p>\n<p data-start=\"2031\" data-end=\"2297\">The rate was last reviewed downward on <strong data-start=\"2070\" data-end=\"2089\">January 7, 2026<\/strong>, when it fell from <strong data-start=\"2109\" data-end=\"2143\">15.9 per cent in December 2025<\/strong> to <strong data-start=\"2147\" data-end=\"2165\">15.68 per cent<\/strong>. That adjustment followed a <strong data-start=\"2194\" data-end=\"2245\">350-basis-point cut in the Monetary Policy Rate<\/strong>, alongside a modest decline in Treasury bill rates.<\/p>\n<p data-start=\"2299\" data-end=\"2487\">In contrast, the GRR had edged slightly higher in <strong data-start=\"2349\" data-end=\"2366\">November 2025<\/strong>, rising to <strong data-start=\"2378\" data-end=\"2416\">17.96 per cent from 17.86 per cent<\/strong>, driven by increases in Treasury bill and interbank rates at the time.<\/p>\n<p data-start=\"2489\" data-end=\"2779\">Overall, the trend throughout <strong data-start=\"2519\" data-end=\"2527\">2025<\/strong> was decisively downward. The GRR dropped sharply from <strong data-start=\"2582\" data-end=\"2616\">29.72 per cent in January 2025<\/strong> to <strong data-start=\"2620\" data-end=\"2648\">19.67 per cent by August<\/strong>, reflecting aggressive policy tightening earlier in the year, followed by gradual easing as inflation pressures began to moderate.<\/p>\n<h3 data-start=\"2781\" data-end=\"2827\"><span class=\"ez-toc-section\" id=\"Understanding_the_Ghana_Reference_Rate\"><\/span><strong data-start=\"2785\" data-end=\"2827\">Understanding the Ghana Reference Rate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"2829\" data-end=\"3061\">The Ghana Reference Rate was introduced in <strong data-start=\"2872\" data-end=\"2880\">2017<\/strong> by the <strong data-start=\"2888\" data-end=\"2905\">Bank of Ghana<\/strong>, in collaboration with the <strong data-start=\"2933\" data-end=\"2969\">Ghana Association of Banks (GAB)<\/strong>, to serve as a transparent and consistent benchmark for loan pricing in the banking sector.<\/p>\n<p data-start=\"3063\" data-end=\"3309\">Prior to its introduction, banks relied on internally determined base rates, which often varied widely and were criticised for lack of transparency. After extensive consultations with stakeholders, the GRR replaced the base-rate model to promote:<\/p>\n<ul data-start=\"3310\" data-end=\"3403\">\n<li data-start=\"3310\" data-end=\"3343\">\n<p data-start=\"3312\" data-end=\"3343\">Transparency in lending rates<\/p>\n<\/li>\n<li data-start=\"3344\" data-end=\"3372\">\n<p data-start=\"3346\" data-end=\"3372\">Consistency across banks<\/p>\n<\/li>\n<li data-start=\"3373\" data-end=\"3403\">\n<p data-start=\"3375\" data-end=\"3403\">Fairness in credit pricing<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3405\" data-end=\"3478\">The <strong data-start=\"3409\" data-end=\"3423\">maiden GRR<\/strong>, announced in April 2017, stood at <strong data-start=\"3459\" data-end=\"3477\">16.82 per cent<\/strong>.<\/p>\n<p data-start=\"3480\" data-end=\"3653\">Under the framework, banks are required to price loans by adding a risk premium to the GRR, based on factors such as borrower creditworthiness, sector risk, and loan tenure.<\/p>\n<h3 data-start=\"3655\" data-end=\"3689\"><span class=\"ez-toc-section\" id=\"Implications_for_Borrowers\"><\/span><strong data-start=\"3659\" data-end=\"3689\">Implications for Borrowers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"3691\" data-end=\"3811\">The latest decline in the GRR could offer <strong data-start=\"3733\" data-end=\"3763\">modest relief to borrowers<\/strong>, particularly those on <strong data-start=\"3787\" data-end=\"3810\">variable-rate loans<\/strong>.<\/p>\n<p data-start=\"3813\" data-end=\"4131\">Loans contracted in <strong data-start=\"3833\" data-end=\"3850\">February 2026<\/strong> and benchmarked against the GRR are likely to carry <strong data-start=\"3903\" data-end=\"3936\">slightly lower interest rates<\/strong> than those negotiated in January. This could translate into reduced monthly repayments, though the actual impact will vary depending on each bank\u2019s pricing model and the borrower\u2019s risk profile.<\/p>\n<p data-start=\"4133\" data-end=\"4276\">Borrowers with <strong data-start=\"4148\" data-end=\"4168\">fixed-rate loans<\/strong>, however, will not benefit from the change, as their interest rates remain locked in for the agreed period.<\/p>\n<p data-start=\"4278\" data-end=\"4574\">Industry data suggests that average commercial lending rates stood at around <strong data-start=\"4355\" data-end=\"4386\">22 per cent in January 2026<\/strong>. With the decline in the GRR, banks may adjust lending rates downward in the coming weeks, although analysts caution that the reductions are likely to be incremental rather than dramatic.<\/p>\n<h3 data-start=\"4576\" data-end=\"4614\"><span class=\"ez-toc-section\" id=\"Banks_Still_Exercising_Caution\"><\/span><strong data-start=\"4580\" data-end=\"4614\">Banks Still Exercising Caution<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"4616\" data-end=\"4823\">Despite the improving benchmark, credit conditions remain tight. Many banks continue to adopt conservative lending practices, prioritising asset quality and risk management after recent macroeconomic shocks.<\/p>\n<p data-start=\"4825\" data-end=\"4996\">This caution has limited the transmission of lower benchmark rates into meaningful increases in credit flow, particularly to <strong data-start=\"4950\" data-end=\"4995\">small and medium-sized enterprises (SMEs)<\/strong>.<\/p>\n<h3 data-start=\"4998\" data-end=\"5039\"><span class=\"ez-toc-section\" id=\"Business_Community_Voices_Concern\"><\/span><strong data-start=\"5002\" data-end=\"5039\">Business Community Voices Concern<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"5041\" data-end=\"5306\">The constrained access to credit has drawn concern from the business community. <strong data-start=\"5121\" data-end=\"5140\">Stephane Miezan<\/strong>, President of the <strong data-start=\"5159\" data-end=\"5218\">Ghana National Chamber of Commerce and Industry (GNCCI)<\/strong>, has warned that the key challenge facing businesses goes beyond the cost of borrowing.<\/p>\n<p data-start=\"5308\" data-end=\"5432\">\u201cThe problem is not just high interest rates,\u201d he noted. \u201cIt is also the limited access to financing from commercial banks.\u201d<\/p>\n<p data-start=\"5434\" data-end=\"5645\">According to Mr Miezan, the combination of tight credit, high operating costs and subdued consumer demand has contributed to the <strong data-start=\"5563\" data-end=\"5589\">collapse of some firms<\/strong>, particularly in the manufacturing and trading sectors.<\/p>\n<p data-start=\"5647\" data-end=\"5809\">He urged policymakers and financial institutions to complement monetary easing with targeted measures to improve credit flow to productive sectors of the economy.<\/p>\n<h3 data-start=\"5811\" data-end=\"5857\"><span class=\"ez-toc-section\" id=\"Balancing_Inflation_Control_and_Growth\"><\/span><strong data-start=\"5815\" data-end=\"5857\">Balancing Inflation Control and Growth<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"5859\" data-end=\"6023\">The decline in the GRR comes amid ongoing efforts by authorities to strike a delicate balance between <strong data-start=\"5961\" data-end=\"5985\">containing inflation<\/strong> and <strong data-start=\"5990\" data-end=\"6022\">supporting economic recovery<\/strong>.<\/p>\n<p data-start=\"6025\" data-end=\"6254\">While inflationary pressures have eased compared to previous years, the Bank of Ghana remains cautious, mindful of external risks such as global commodity price volatility, exchange-rate pressures, and geopolitical uncertainties.<\/p>\n<p data-start=\"6256\" data-end=\"6427\">Analysts believe that further reductions in the GRR will depend on sustained improvements in inflation, fiscal consolidation, and stability in the foreign exchange market.<\/p>\n<h3 data-start=\"6429\" data-end=\"6444\"><span class=\"ez-toc-section\" id=\"Outlook\"><\/span><strong data-start=\"6433\" data-end=\"6444\">Outlook<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"6446\" data-end=\"6674\">If current trends persist, borrowers may see <strong data-start=\"6491\" data-end=\"6530\">gradual reductions in lending rates<\/strong> over the coming months. However, the pace of relief is expected to be slow, as banks factor in residual risks and non-performing loan concerns.<\/p>\n<p data-start=\"6676\" data-end=\"6919\">For now, the February 2026 drop in the Ghana Reference Rate represents a <strong data-start=\"6749\" data-end=\"6801\">measured step toward easing financial conditions<\/strong>, offering cautious optimism to borrowers while underscoring the challenges that still confront Ghana\u2019s credit market.<\/p>\n<div class=\"gsp_post_data\" \r\n\t            data-post_type=\"post\" \r\n\t            data-cat=\"politicalnews\" \r\n\t            data-modified=\"120\"\r\n\t            data-created=\"1770258918\"\r\n\t            data-title=\"Ghana Reference Rate for February declines marginally to 14.58%; interest rate expected to drop\" \r\n\t            data-home=\"https:\/\/rendergh.net\/fr\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Ghana Reference Rate Falls to 14.58% in February 2026, Offering Modest Relief to Borrowers The Ghana Reference Rate (GRR)\u2014the benchmark used by commercial banks to price loans\u2014has declined marginally to 14.58 per cent in February 2026, down from 15.68 per cent in January, according to market sources. The drop reflects improving macroeconomic indicators and recent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[140],"tags":[],"class_list":["post-2975","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politicalnews"],"_links":{"self":[{"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/posts\/2975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/comments?post=2975"}],"version-history":[{"count":1,"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/posts\/2975\/revisions"}],"predecessor-version":[{"id":2977,"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/posts\/2975\/revisions\/2977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/media\/2976"}],"wp:attachment":[{"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/media?parent=2975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/categories?post=2975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rendergh.net\/fr\/wp-json\/wp\/v2\/tags?post=2975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}