Interest rates broadly tightened at the short end of the yield curve on the money market, the Bank of Ghana has said. 

The 91-day and 182-day Treasury bill rates fell marginally to 29.40 per cent and 31.37 per cent respectively, in October 2023, from 31.53 per cent and 32.61 per cent respectively, in October 2022.

The rate on the 364-day instrument, however, increased to 33.16 per cent from 32.32 per cent over the same comparative period.

The interbank weighted average rate, the rate at which banks lend among themselves, increased to align with the policy corridor. 

The weighted average rate increased to 28.49 per cent in October 2023 from 23.98 per cent in October 2022, in line with movements in the monetary policy rate and an increase in the Cash Reserve Ratio, Governor Ernest Addison reported at the last Monetary Policy Committee meeting held at the central bank on Monday, 27 November 2023.. 

"This led to an improvement in the policy transmission as the average lending rate of banks increased to 32.69 per cent in October 2023, from 31.40 per cent recorded in the corresponding period of 2022",Dr Addison said