The Ghana Reference Rate (GRR), the benchmark used by commercial banks to price loans, has dropped marginally from 10.61% in August to 10.18% in September 2026.

The latest figure represents a 0.43 percentage-point decline over the past month.

The reduction is based on JOYBUSINESS calculations using the industry-approved formula and market data from industry players.

Drivers of reduction

The decline was largely influenced by lower Treasury bill and interbank rates.

The Treasury bill rate fell from 5.7881% to 4.8856%, while the interbank rate declined from 10.23% to 10.20%.

The Bank of Ghana’s Monetary Policy Rate, another key component used in calculating the GRR, remained unchanged during the review period.

The Ghana Reference Rate is calculated using these three variables and serves as the base benchmark for pricing loans across the banking industry.

Impact

The marginal decline could offer some relief to borrowers with variable-rate loan facilities, as lending costs continue to ease.

Customers with fixed-rate loans, however, are unlikely to be affected by the latest reduction.

The development could also benefit new borrowers as banks compete to offer credit at lower rates.

Average lending rates have fallen to around 15%, while some customers are reportedly accessing credit at rates between 11% and 12.5%.

This reflects increased competition among banks and improved financing conditions for selected borrowers.

The Ghana Reference Rate has recorded mixed movements throughout 2026.

The benchmark stood at 11.71% in March before declining to 10.06% in April. It eased further to 10.03% in May and 10.02% in June before rising to 10.59% in July.

It increased further to 10.61% in August before falling to 10.18% in September.

Introduced in 2017 by the Bank of Ghana in collaboration with the Ghana Association of Banks, the Ghana Reference Rate was designed to provide a transparent and uniform benchmark for determining lending rates across Ghana’s banking sector.