African central banks have some of the steepest interest rates in the world. At 23.5%, Ghana has the continent’s highest – even after the Bank of Ghana reduced its monetary policy rate by 2% at the end of March.
By way of comparison, the US Federal Reserve recently revised its interest rate to 1%, while most banks in Central Europe have rates of between 0.25% and 2%.
Mozambique is another high interest rate contender. According to an AFKInsider report, it rose by 6% last year, making it the biggest hike of any central bank in recent history. Meanwhile, Gambia’s interest rate is 23% – roughly 46 times higher that of Canada’s.
Additionally, even lower interest rates found in countries further south of the continent (including South Africa, Namibia and Lesotho, which each stand at 7%) are still higher than most global equivalents.
