Ghana records highest interest rates decline among 11 top African countries

Ghana has recorded a sharp decline in interest rates since the beginning of the year, ranking first among 11 African countries in terms of rate reductions.

However, it still holds the second-highest interest rates on the continent, with Egypt leading. The yield on the 91-day bill has dropped by 3.94 percentage points to 24.48%, while the 182-day bill declined by 3.58 percentage points to 25.39%.

This downward trend may prompt the Bank of Ghana to cut its 27% monetary policy rate. In contrast, Rwanda has the lowest rates, with the 91-day at 7.05%.

Nigeria maintains a high-rate environment, with 91-day and 182-day yields at 18.00% and 18.50%, respectively. Lower rates have also contributed to a decline in bank lending rates from 33.75% to 30.25%.