According to the Bank of Ghana, interest rates on the short-term end of the money market’s yield curve have generally tightened.
In October 2023, the rates for the 91-day and 182-day Treasury bills slightly decreased to 29.40% and 31.37%, respectively, from 31.53% and 32.61% in October 2022.
However, the rate for the 364-day instrument increased to 33.16% from 32.32% during the same period.
The interbank weighted average rate, which represents the rate at which banks lend to each other, increased to align with the policy corridor.
Governor Ernest Addison noted that the weighted average rate rose to 28.49% in October 2023 from 23.98% in October 2022, reflecting changes in the monetary policy rate and an increase in the Cash Reserve Ratio.
This improvement in policy transmission led to a rise in the average lending rate of banks to 32.69% in October 2023, compared to 31.40% in the corresponding period of 2022.
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