Interest rates trend up – Bank of Ghana

The Bank of Ghana says interest rates in the country have generally trended up on the money market in 2014.

In a press statement issued last week, the Bank noted that the rate on the 91-day instrument increased to 25.8 percent from 19.2 percent. Similarly, the rate on the 182-day instrument increased to 26.4 percent from 18.7 percent.

According to the central bank, the rate on the one-year note rose to 22.5 percent from 17 percent, and the two-year rate increased to 23 percent from 16.8 percent.

The three-year bond rate rose to 25.5 percent from 19.2 percent, it said.

It indicated that the weighted average interbank rate increased to 23.7 percent from 16.3 percent in December 2013.

“Average lending rates of the banks rose to 29 percent from 25.6 percent in December 2013. The average rate on three-month term deposits increased to 13.9 percent from 12.5 percent,” it said.

By Emmanuel K. Dogbevi