Average bank lending rates in Ghana declined sharply from about 27.0 per cent in June 2025 to 15.6 per cent in June 2026, as improving macroeconomic conditions and monetary policy easing increasingly filtered through to borrowing costs, according to the World Bank.

In its latest 10th Ghana Economic Update, the World Bank said the decline in lending rates has been accompanied by a significant fall in the Ghana Reference Rate, which dropped from approximately 23.8 per cent to around 10.0 per cent over the same period.

The development follows a sustained easing of monetary conditions by the Bank of Ghana, under Governor Dr Johnson Pandit Asiama, after the sharp decline in inflation created room for the central bank to progressively reduce its policy rate.

The Monetary Policy Rate was reduced from 28 per cent in April 2025 to 14 per cent by March 2026, representing a cumulative reduction of 1,400 basis points.

The Bank subsequently maintained the rate at 14 per cent as it sought to consolidate price stability while allowing earlier policy easing to work through the economy. The World Bank describes the process as a “sustained monetary easing cycle.”

According to the World Bank, there is now growing evidence that these monetary policy changes are reaching businesses and households through the financial system.

“Monetary easing is increasingly transmitted to the real economy.”