With inflation remaining a major challenge across African economies, central banks have adopted aggressive monetary tightening measures to stabilize currencies and contain rising prices.
According to data compiled by Nairametrics, Nigeria, Zimbabwe, and Ghana are among the countries with the highest Monetary Policy Rates (MPR) on the continent.
The MPR, a benchmark interest rate for lending and borrowing, remains at elevated levels across Africa, reflecting the difficult trade-off between stabilizing prices and promoting growth.
As of September 2025, Zimbabwe leads with a staggering 35% rate, while Nigeria ranks second at 27%. Ghana, Angola, and others also feature prominently. These high rates make borrowing costly for businesses and households, further slowing investment and consumption.
Below is a country-by-country snapshot of the Top 10 African countries with the most expensive borrowing rates, alongside recent inflationary trends and policy decisions.
Zambia has an MPR of 14.5%. According to the Bank of Zambia, at its Monetary Policy Committee in August 2025, the decision to retain the MPR at 14.5% was necessitated by the slowing of the inflation rate to 13% in July from 14.1% in June.
The Bank of Zambia is responding to domestic cost pressures and external shocks. However, high interest rates remain a deterrent to private sector credit, and the financial system’s shallow depth limits the effectiveness of traditional monetary policy tools.
The apex bank has fixed November 10 and 11, 2025, for its next MPC meeting, where it is expected to review the policy rates.
