Ghana has the third highest interest rate (26%) in the world; data compiled by Trading Economics have shown.
The oil-, gold-, and cocoa-producing West African country is only two rungs worse than Argentina (35.43%) and a notch worse than Malawi (27%).
According to Trading Economics, Ghana’s central bank held its benchmark policy rate at 26.0 per cent on 21 March 2016, for the 2nd straight month, mentioning balanced risks to inflation and growth.
In February, the inflation rate slowed for the first time in six months to 18.5 per cent as the stability of the cedi during the month avoided further rises in cost of imported items.
Interest rate in Ghana averaged 17.35 per cent from 2002 until 2016, reaching an all-time high of 27.50 per cent in March of 2003 and a record low of 12.50 per cent in December of 2006.
In Ghana, interest rates decisions are taken by the Monetary Policy Committee of the Bank of Ghana. The official interest rate is the Monetary Policy Rate (MPR).
In the 169-country ranking by Trading Economics, Ghana is followed by The Gambia, Belarus, Iran, Haiti, Venezuela, Ukraine and Kazakhstan in that order.
The top ten countries with the least interest rates are, in ascending order: Malta, The Netherlands, Portugal, Slovakia, Slovenia, Spain, Japan, Sweden, Denmark, and Switzerland.