Ghana reference rate rises to 10.59% as inflation pressures mount

The benchmark lending rate climbed 57 basis points in July, following a third consecutive month of accelerating consumer prices.

By Handelsavisen Newsroom · Automated 2026-07-09 06:26 UTC · 1 min read

The Ghana Reference Rate (GRR), the key benchmark used by commercial banks to price loans, has risen to 10.59% for July 2026.

The rate increased from 10.02% in June, marking a 57-basis-point jump that signals tightening credit conditions for borrowers.

7% in May, according to data from the Ghana Statistical Service.

The upward adjustment comes as inflationary pressures in the West African economy continue to build.

Ghana’s annual inflation rate accelerated sharply to 5.3% in June, up from 3.7% in May, according to data from the Ghana Statistical Service.

This marks the third consecutive month of rising prices, driven primarily by higher costs in the food and transportation sectors.

The GRR serves as the primary input for loan pricing across the banking sector.