Lending rates are expected to remain virtually the same for the rest of the year as analysts are predicting an unchanged policy rate of 19.0 percent.
These predictions, by analysts, have come before the Monetary Policy Committee (MPC) of the Bank of Ghana conducts its last assessment of the Ghanaian economy next month.
The MPC kept the policy rate – the rate at which the Central Bank lends to banks – the same in September. This was due to the expectations that the global economy will rebound whilst inflation and interest rates trend downwards before the end of the year.
Renowned research institution, Ecobank Research says its analysis suggests the policy rate will remain unchanged for the rest of the year.
Interest rates have generally trended up on the money market between December 2013 and August 2014.
The rate on the 91-day instrument increased to 25 per cent from 19.2 percent. Similarly, that on the 182-day instrument increased to 26.4 percent from 18.7 percent.
The rate on the 1-year note rose to 22.5 percent from 17 percent, and the rate on the 2-year increased to 23 percent from 16.8 percent. The 3-year bond rate rose to 25.5 percent from 19.2 percent.
The weighted average interbank rate increased to 24.2 percent from 16.3 percent in December 2013. Average lending rates of the banks rose to 27.8 percent from 25.6 percent in December 2013.
Also, the average rate on 3-month term deposits increased marginally to 13 percent from 12.5 percent.
