Ghana's lending, treasury bills rates drop to 9.3 and 3.4 percent, a more reason why you have to invest

The lending and treasury bills rates in Ghana have declined significantly since January 2017.

Ken Ofori-Atta and his cousin President Akufo-Addo

This signals an improved monetary economy with increased money supply and credit to consumers.


Ahead of the Monetary Policy Committee of the Bank of Ghana’s meeting next week, there has been an increase in the supply of money which has typically lowered interest rates, and, in turn, generated more investment and puts more money in the hands of consumers, thereby stimulating spending.

A statement cited by Accra based Class FM showed that businesses respond by ordering raw materials and increasing production.

An analysis of the figures showed there had been a significant improvement in monetary numbers from January 2017 till date.

Today, the 91-day treasury bill is going for 14.70% as against about 16.8% in November 2016.

This means there had been about 2.10 percentage points reduction.

Similarly, the yield on the 182-day bill is 15.1% in January 2020 compared with about 18.5% in December 2016.

There has also been a 3.4 percentage points decline.

For the 1-year Note, the yield is 18.27% today as compared with 21.5% in November 2016.

With regard to the average lending rate, the interest rate was about 33% in November 2016 but has since reduced significantly by 9.3% to 23.7% in November 2019.

Indeed, the yield on the 91-day and 182-day bills had reached a low of 13.3% and 13.8% somewhere in 2018.

The average lending rates according to the report may decline further before the Monetary Policy Committee of the Bank of Ghana’s meeting is held. This is projected to be a good omen for consumers as the cost of credit will reduce but slightly.

Credit growth rebounded in October 2019 compared to the contraction a year ago, according to the Bank of Ghana’s Monetary Policy report.

Gross loans and advances (excluding the loans under receivership) increased by 17.2%t to GH¢41.65 billion in October 2019 from GHS35.53 billion (-7.6% y/y growth) in October 2018.

Analysts and market watchers have hence said the above comparative figures mean the President is leading the Ghanaian economy to the right path.


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