Ghana Reference Rate drops to 10.03% as cedi weakens slightly against dollar

Ghana’s benchmark Reference Rate fell to 10.03% in May 2026, a marginal decline from 10.06% in April. The dip was mainly driven by a lower interbank rate that slipped to 10.30% at the end of April, offsetting a modest rise in Treasury‑bill yields from 4.81% to 4.92%. The reference rate, used by commercial banks to price loans, could trigger modest cuts to variable‑rate borrowing costs for customers with strong credit profiles, while fixed‑rate borrowers may see little immediate effect.

On the same day, the Ghanaian cedi showed a slight depreciation against the US dollar, trading at an average buying rate of GHS 11.14 and a selling rate of GHS 11.00. The official BoG interbank rate dropped to GHS 11.23, while the market selling price was GHS 12.15. The currency movement reflects ongoing pressure on the cedi amid tight credit conditions and monetary‑policy adjustments.