Ghana’s Reference Rate (GRR) has fallen to 10.18% in September 2026, down from 10.61% in August, according to the latest industry figure.
The 0.43 percentage-point decline marks a reversal of the upward movement recorded over the previous two months, when the benchmark rose from 10.02% in June to 10.59% in July and 10.61% in August.
The latest reduction has been attributed mainly to movements in key market rates, particularly the Treasury bill rate, which fell from 5.7881% to 4.8856%. The interbank rate also edged down from 10.23% to 10.20%, while the Bank of Ghana’s Monetary Policy Rate remained unchanged.
The GRR serves as a benchmark for commercial banks in pricing loans and is one of the key indicators of borrowing conditions in the banking sector. A lower benchmark could provide some relief for borrowers, particularly customers with variable-rate facilities, as banks determine lending rates by adding risk premiums to the reference rate.
The latest decline comes as lending conditions continue to ease in the banking sector. The latest decline comes as borrowing conditions in the banking sector continue to ease, potentially providing some relief to businesses and individuals seeking credit.
