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The Ghana Reference Rate (GRR), a key benchmark for commercial banks to price loans, fell to 10.04% in October 2026, marking a decrease from 10.18% in September, according to JOYBUSINESS calculations and market data. This decline was primarily driven by slight reductions in Treasury bill (T-bill) rates and interbank market rates, despite the Monetary Policy Rate staying constant at 14% since the beginning of 2026.

The trend indicates that changes in the GRR are influenced more by fiscal and money-market conditions than alterations in the central bank’s policy rate. Treasury bill rates, reflecting government borrowing and fiscal conditions, have been a significant factor. Additionally, increased liquidity and competition among banks in the interbank market have contributed to the benchmark's movement.

While the marginal decrease may provide relief to borrowers with variable-rate loans, fixed-rate loanholders are unlikely to see immediate impacts. This development could also benefit new borrowers as banks compete to offer credit at lower rates. Average lending rates have decreased to around 15%, with some customers accessing credit at rates between 11% and 12.5%.

The GRR has experienced mixed movements throughout 2026, starting at 11.71% in March and declining to 10.04% in October. These fluctuations highlight the benchmark's sensitivity to fiscal and money-market conditions. Introduced in 2017 by the Bank of Ghana and the Ghana Association of Banks, the GRR aims to provide a transparent, uniform benchmark for determining lending rates across Ghana’s banking sector.