The standard lending reference rate for Ghana is now 10.59% as of July 2026.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd

Ghana’s benchmark lending reference rate has increased to 10.59% for July 2026, reversing months of steady decline and signalling a possible moderation in the pace at which borrowing costs may ease across the banking sector.

The new Ghana Reference Rate, announced by the Ghana Association of Banks, took effect from July 1, 2026, rising from 10.02% in June.

The increase marks the first upward movement after a sustained downward trend that had raised expectations of cheaper credit for businesses and households.

The Ghana Reference Rate serves as the key benchmark used by commercial banks in pricing loans.

It is calculated using a formula that factors in the Bank of Ghana’s Monetary Policy Rate, Treasury bill yields and the interbank lending rate.

Source: newsthemegh.com