Ghana’s interest rate of 27.34% is the highest among the 11 major countries in sub-Saharan Africa

Ghana’s interest rate of 27.34% (91-day treasury bills) in the money market ranks it first among the 11 major countries in sub-Saharan Africa.

This has consequently pushed lending rates to over 30% on average, putting the country first with the highest cost of lending in the region.

Yields rose across the treasury curve, with the 91 day going for 27.34% and the 364 day selling for 28.83%.

But this comes at a cost, as lending rates continue to rise.

Businesses and households will therefore have to take out more loans to finance their operations and payroll costs. This will consequently increase the cost of business and living.

The country’s challenging economic environment is a result of rising inflation and falling lending rates in the country, which poses an upside risk to yields.

Analysts say investors would continue to expect higher returns to cover inflation-induced losses. This will obviously maintain the highest interest rates and lending rates in sub-Saharan Africa.

Treasury exceeds auction target for nine consecutive weeks

The Treasury has exceeded its bid target for nine consecutive weeks.

The Treasury exceeded its bid target at last week’s Treasury bill auction with a target coverage ratio of 1.30 and excess subscriptions filling gaps from previous auctions.

Total usage was ¢1.839 billion out of a total tendered amount of ¢1.862 billion.

Yields continue to rise as investors factor in rising inflation, to 31.7% in July 2022, to cushion losses.

Meanwhile, Nigeria has the lowest interest rate of 2.50% in the region.


Ghana 27.34 1st
Egypt 16.11 2n/a
Malawi 10.00 3rd
Zambia 9.75 4e
Uganda 8.77 5e
Kenya 8.57 6e
Namibia 6.50 sevene
Rwanda 6.00 8e
South Africa 5.78 9e
Tanzania 2.77 tene
Nigeria 2.50 11e

Stephen V. Lee