The GRR that commercial banks employ to determine loan prices has somewhat decreased.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

The Ghana Reference Rate (GRR), a key benchmark used by commercial banks in pricing loans, has dropped marginally to 14.58% in February 2026, down from 15.68% in January.

The decline was driven by improvements in key indicators used to calculate the GRR, including the Monetary Policy Rate, Treasury bill rates, and interbank market rates.

The following variables shaped the Ghana Reference Rate for February 2026:

* 91-day Treasury bill rate: 11.19% (end of January)

* Interbank rate: 14.91% (January average)

* Monetary Policy Rate: 15.5%

Sources indicate that the recent cut in the Bank of Ghana’s Monetary Policy Rate to 15.5% played a significant role in the reduction of the February GRR.

Source: newsthemegh.com