The Ghana reference rate has decreased considerably for December 2025.

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

The Ghana Reference Rate (GRR), a key benchmark used by commercial banks to price loans, has dropped significantly for December 2025.

Data from the Ghana Association of Banks shows the rate has fallen from 17.93% in November to 15.9% in December.

This represents a 200 basis-point decline from the previous month.

The dip was driven by improvements in major indicators used in calculating the GRR.

Key factors include the Monetary Policy Rate, Treasury rates, and interbank market rates. Some commercial banks told JoyBusiness that the 350-basis-point reduction in the Monetary Policy Rate to 18% played a major role, alongside a slight fall in Treasury bill rates.

Source: newsthemegh.com