Bank of Ghana has revealed that the Average lending rate has increased to 32.69% in October 2023.
Per the data revealed, this increase is equivalent to an average of 2.72% per month on loan charged by banks.
From March 2023 to May 2023, the average lending rate declined and maintained the 31% bracket till September 2023 according to the November 2023 Summary of Economic and Financial Data.
In February 2023, the average lending rate stood at 36.64%, but fell to 35.87% in March 2023.
It fell again sharply to 31.66% in April 2023 and 30.94% in May 2023, but rose slightly to 31.5% in June 2023.
Meanwhile, the Ghana Reference Rate stood at 31.09% in October 2023.
The Monetary Policy Committee of the Bank of Ghana is set to announce developments in the economy with a key decision on the Policy Rate on November 27, 2023.
Already, some bank chiefs and analysts are anticipating a steady policy rate for the next two and half months.
In July 2023, the Bank of Ghana increased its key interest rate to 30% to tighten inflation. It further kept it unchanged in September 2023.
