Ghana Reference Rate climbs to 10.61% in August, signalling fresh pressure on borrowing costs

The Ghana Reference Rate (GRR) is set to rise to 10.61% in August 2026, a marginal increase from 10.59% in July. This adjustment could result in a slight uptick in borrowing costs for customers with variable-rate loans, according to calculations by JOYBUSINESS based on industry standards and market data. The marginal rise is primarily driven by a 0.02 percentage point increase in the 91-day Treasury bill rate, which climbed from 5.73% to 5.78% over the past month.

Other elements of the GRR, including the Bank of Ghana’s Monetary Policy Rate and the interbank rate, remained static during this review period. The GRR, a benchmark used by commercial banks to price loans, derives its value from three variables and serves as the foundation for loan pricing across Ghana’s banking industry. Borrowers with variable-rate loans are anticipated to feel the impact of this increase, while those with fixed-rate loans are expected to remain unaffected.

Despite this slight hike, lending rates across the sector are generally declining, with average rates now at approximately 16%, and certain borrowers securing credit at rates ranging from 11% to 12.5%. The GRR has exhibited fluctuating trends throughout 2026, starting at 11.71% in March, declining to 10.06% in April, easing further to 10.03% in May, and decreasing to 10.02% in June before climbing to 10.59% in July.

This projected 10.61% for August signifies another minor surge, indicating that borrowing costs may remain under pressure as lending rates continue to soften in certain parts of the market.