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Ghana Reference Rate falls to 10.04% in October as borrowing costs ease
October 6, 2026
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Ghana Reference Rate falls to 10.04% in October as borrowing costs ease

Money
Policy
Opportunity
Growth

Key Points

  • The Ghana Reference Rate (GRR) has fallen to 10.04% in October 2026, down from 10.18% in September, continuing a recent downward trend.
  • This decline is primarily attributed to slight reductions in Treasury bill rates and interbank market rates.
  • The movement in the GRR this year has been more influenced by fiscal and money-market conditions than the unchanged Monetary Policy Rate of 14%.
  • The marginal decline offers relief to existing variable-rate borrowers and could benefit new borrowers through lower credit costs.
  • Average lending rates have consequently fallen to around 15%, with some customers accessing credit between 11% and 12.5%.

Why This Matters

The continued easing of the Ghana Reference Rate directly impacts the cost of borrowing for businesses and individuals across Ghana. Lower lending rates can stimulate investment, encourage consumption, and reduce financial burdens, thereby fostering economic activity and potentially driving growth in various sectors of the economy.

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