{
  "id": 115457,
  "title": "Ghana Reference Rate climbs to 10.61% in August, signalling fresh pressure on borrowing costs",
  "url": "https://urgent.news/2026/08/04/ghana-reference-rate-climbs-to-10-61-in-august-signalling-fresh",
  "topic": "world",
  "section": "World",
  "published": "2026-08-04T05:13:00.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/ghana-reference-rate-climbs-to-10-61-in-august-signalling-fresh-pressure-on-borrowing-costs/"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "The Ghana Reference Rate (GRR), the benchmark used by commercial banks to price loans, is set to rise marginally to 10.61% in August 2026, up from 10.59% in July.",
  "key_points": [
    "Ghana Reference Rate rises to 10.61% in August 2026",
    "Increase driven by 0.02 percentage point rise in 91-day Treasury bill rate",
    "Borrowers with variable-rate loans likely to feel impact"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}