Average lending rate hits 32.69% – BoG
Business
In February 2023, the average lending rate was 36.64%, decreasing to 35.87% in March
In October 2023, the average lending rate in Ghana surged to 32.69%, equivalent to an average monthly rate of 2.724%, according to data from the Bank of Ghana.
The rate had previously declined from March to May 2023, remaining within the 31% range until September 2023.
In February 2023, the average lending rate was 36.64%, decreasing to 35.87% in March.
It experienced a sharp fall to 31.66% in April and 30.94% in May, with a slight increase to 31.5% in June.
The Ghana Reference Rate stood at 31.09% in October 2023.
The Monetary Policy Committee is expected to announce key decisions on November 27, 2023.
Source: classfmonline.com
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