{
  "id": 15570216,
  "title": "Interest rates development continues to reflect more expansionary monetary policy environment – BoG",
  "url": "https://urgent.news/2026/10/19/interest-rates-development-continues-to-reflect-more-expansionary",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-19T05:53:06.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/interest-rates-development-continues-to-reflect-more-expansionary-monetary-policy-environment-bog/"
  },
  "original_language": "en",
  "account": "In August 2026, interest rate developments in Ghana continued to indicate an expansionary monetary policy environment, similar to the second half of 2025. Compared to August 2025, both policy and market interest rates had decreased, indicating a reduction in inflationary pressures and an improvement in overall economic conditions. Despite this, real interest rates remained positive throughout the period. The Bank of Ghana (BoG) reduced the Monetary Policy Rate to 14.0% from 25.0% in August 2025, a 11 percentage point decrease. This reduction in the policy rate was a result of the cumulative monetary easing undertaken by the BoG in response to the moderating inflation and improved macroeconomic indicators. The corresponding decrease in the Interbank Weighted Average Rate (IWAR) reflected the easing of the monetary policy stance, with the IWAR dropping to 10.2% from 23.3% in August 2025. The average lending rate of banks also reduced to 15.9% from 24.2% in August 2025, indicating a pass-through effect of the policy rate decrease to market rates. Real interest rates remained broadly positive during this review period, showing a faster rate of disinflation compared to the decline in nominal interest rates. The developments in the Treasury bill market were in line with the general trend of decreasing interest rates. The rates on 91-day, 182-day, and 364-day Treasury bills fell sharply to 5.4%, 7.3%, and 12.2%, respectively, compared to 10.3%, 12.3%, and 13.1% a year earlier. These declines were attributed to sustained investor demand at the short end of the curve, improved inflation expectations, and the government's ongoing efforts to reduce domestic financing costs. However, rates on medium- to long-term government securities, such as 2-year, 3-year, 5-year, 6-year, 7-year, 10-year, 15-year, and 20-year bonds, remained relatively unchanged due to limited activity in that segment of the market.",
  "summary": "Relative to August 2025, policy and market interest rates declined, consistent with the easing of inflationary pressures and improved macroeconomic conditions.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Joy Business",
        "title": "Interest rates development continues to reflect more expansionary monetary policy environment – BoG",
        "url": "https://urgent.news/2026/10/19/interest-rates-development-continues-to-reflect-more-expansionary-15570446",
        "published": "2026-10-19T05:53:06.000Z"
      }
    ]
  },
  "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."
}