The Chief Executive of the Ghana Association of Banks, John Awuah, has revealed that interest rates would increase but marginally in the coming weeks, despite the unchanged policy rate of 14%.

According to him, this is due to some variables influencing the Ghana Reference Rate, with these variables such as treasury bill rates going up marginally.

Mr. Awuah disclosed this on PM EXPRESS BUSINESS EDITION on May 22 2026.

Mr. Awuah noted that there are three variables that influence the determination of the Ghana Reference Rate. “So, it might not be fair to just focus on just one with respect to setting the new Ghana Reference Rate. 

Interest Rates Cut

There have been criticisms by some businesses and analysts about the current interest rate regime and the time taken for commercial banks to respond to policy rate cuts.

However, speaking on PM EXPRESS Business Edition, Mr. Awuah rejected those arguments, saying the banks have not been responding.

“ The data available doesn’t support these aassertions” the Chief Executive of the Ghana Association of Banks added.

The Ghana’s Reference Rate (GRR) for May 2026 went down marginally to 10.03%, from 10.06% in April 2026.

The marginal drop in the reference rate was driven mainly by a slight decline in the interbank rate at the end of April 2026, which fell to 10.30%.

At the same time, trreasury bill rates inched up from 4.81% to 4.92%.

Single Digit Interest Rates

Mr. Awauah also pointed out that there are some businesses and individuals that are currently enjoying single-digit interest rates.

This is based on their good credit history and the commercial banks commitment to respond to the current market developments.

“Most Banks have been quiet about this due to what some may describe as customer confidentiality,” Mr. Awuah added,

“If I have seen offer letters on personal loans by some commercial banks, they  offer rates as low as 9%”.