The Bank of Ghana (BoG) has fixed the Ghana Reference Rate (GRR) for September 2018 at 16.12%, up by 0.12% from 16.10% in August 2018.

This is the first time the GRR has been pegged upwards since its introduction in April 2018. The rate had declined consistently in the previous months.

The GRR was introduced by the Bank of Ghana in consultation with the Ghana Association of Bankers to replace the Base Rate model that was previously implemented by the universal banks.   A bank’s risk premium is either added to or subtract from the GRR to determine the price of its loans.

The schedule below highlights the GRR and its trend from April 2018 to September 2018.