The Ghana Association of Banks has announced a marginal decline in the Ghana Reference Rate (GRR) to 10.03% for May 2026.Advertise local businesses
This is down from 10.06% in April and reinforces a slow but steady easing in the country’s borrowing conditions.
The new rate, which takes effect from May 6, reflects a continued downward trajectory in benchmark lending indicators following sharper declines earlier in the year.
While the latest adjustment is modest, it signals improving macroeconomic stability and could, over time, translate into lower borrowing costs for businesses and households.
However the immediate impact on commercial lending rates is likely to remain limited.
The GRR serves as the base benchmark for pricing loans in Ghana’s banking sector and is calculated using a weighted formula that includes Treasury bill rates, the average interbank rate, and the Monetary Policy Rate set by the Bank of Ghana.
Data from the Ghana Association of Banks show a sustained decline in the reference rate in recent months falling sharply from 14.58% in February to 11.71% in March, before easing further to 10.06% in April and now 10.03% in May.
