Monday, 26 February

Average lending rate hits 32.69% – BoG

Business
In February 2023, the average lending rate was 36.64%, decreasing to 35.87% in March

In October 2023, the average lending rate in Ghana surged to 32.69%, equivalent to an average monthly rate of 2.724%, according to data from the Bank of Ghana.

The rate had previously declined from March to May 2023, remaining within the 31% range until September 2023.

In February 2023, the average lending rate was 36.64%, decreasing to 35.87% in March.

It experienced a sharp fall to 31.66% in April and 30.94% in May, with a slight increase to 31.5% in June. 

The Ghana Reference Rate stood at 31.09% in October 2023. 

The Monetary Policy Committee is expected to announce key decisions on November 27, 2023.

Source: classfmonline.com