The Ghana Reference Rate (GRR), the benchmark commercial banks use to price loans, has eased to 10.01% for November 2026, down from 10.04% in October, according to JoyBusiness calculations based on the industry formula and market data.
The fall is small, at 0.03 percentage points, but it is the third monthly decline in a row. The rate stood at 10.61% in August before easing to 10.18% in September and 10.04% in October, a total drop of 0.60 percentage points over three months.
Market players put the latest fall down mainly to slightly lower Treasury bill rates over the past month. The other inputs used to calculate the benchmark, the monetary policy rate and the interbank rate, did not change.
The rate has moved in both directions this year. It was 11.71% in March, fell to 10.06% in April, 10.03% in May and 10.02% in June, then rose to 10.59% in July and 10.61% in August before the latest run of declines.
JoyBusiness said some customers are already getting consumer loans at around 9%, below the benchmark, as banks compete for business, and that some borrowers with strong credit histories are securing single-digit rates.
The GRR is a reference point, not the rate every customer pays. Borrowers on variable-rate loans linked to it may see lower costs depending on their loan terms and repricing dates, while those on fixed-rate loans are unlikely to see their repayments fall automatically.