Ghana’s Reference Rate (GRR), the benchmark used by commercial banks to price loans, has fallen to 10.04% in October 2026, down from 10.18% in September.
The latest 0.14 percentage-point decline extends the downward movement recorded last month, when the rate fell from 10.61% in August. The October figure was calculated using the industry-approved formula and prevailing market data.
The reduction was largely influenced by slight declines in Treasury bill rates and interbank market rates, while the Bank of Ghana’s Monetary Policy Rate has remained unchanged at 14% since earlier this year.
The lower benchmark could provide some relief to businesses and households with variable-rate loans, as banks use the GRR as a key reference point when determining lending rates.
However, the lower rate may not immediately translate into cheaper loans for all borrowers, as banks set their rates based on their own lending conditions.
The latest figure brings the GRR to its lowest level since the sharp decline recorded earlier in 2026, reinforcing the recent easing in benchmark borrowing conditions.
