John Awuah says lending rates could rise slightly in the coming weeks despite the Bank of Ghana maintaining the policy rate at 14%.
Speaking on PM Express Business Edition on May 22, the Ghana Association of Banks CEO explained that several factors influence the Ghana Reference Rate, not just the policy rate.
According to him, treasury bill rates have increased marginally in recent weeks, and that could push borrowing costs higher.
“There are three variables that influence the determination of the Ghana Reference Rate, so it might not be fair to focus on only one when setting the new rate,” he said.
Mr. Awuah also rejected claims that commercial banks are slow to respond to policy rate cuts.
He argued that available data does not support assertions that banks have ignored recent reductions in interest rates.
“The data available doesn’t support these assertions,” he stated.
The Ghana Reference Rate for May 2026 fell slightly to 10.03% from 10.06% in April 2026.
The decline was driven mainly by a small drop in the interbank rate, which closed April at 10.30%.
At the same time, treasury bill rates increased from 4.81% to 4.92%.
Mr. Awuah further disclosed that some businesses and individuals currently enjoy single-digit interest rates because of strong credit histories and improved market conditions.
“If I have seen offer letters on personal loans by some commercial banks, they offer rates as low as 9%,” he added.
