Ghana has been ranked the third-highest country in Sub-Saharan Africa in terms of policy rate, despite recent monetary easing by the Bank of Ghana (BoG).
This is according to the World Bank’s October 2025 Africa Pulse report.
The ranking comes even after a cumulative 7.5 percentage point cut in Ghana’s benchmark rate since January 2025. The BoG attributed the reductions to a sharp decline in inflation, which has now eased into the single-digit range for the first time in over three years.
Nigeria tops the list with the highest policy rate in the region at 27%, followed by Malawi at 26%, while Botswana maintains the lowest policy rate at 1.9%.
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The World Bank noted that several central banks across the region have begun easing monetary policy in response to moderating inflationary pressures.
“Most of the region’s central banks have either cut interest rates (Kenya, Mozambique, Lesotho, and South Africa) or paused their contractionary monetary policy for several months (Angola, Botswana, Malawi, Rwanda, and Uganda),” it stated.
It added, however, that “other central banks in the region have recently raised rates due to a slight resurgence of inflation this year, namely Mauritius and Zambia.”
In September 2025, the BoG’s Monetary Policy Committee (MPC) cut its policy rate by 350 basis points to 21.5%, marking the lowest level since October 2022.
SP/MA
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