Across Africa, central banks continue to curb inflation without choking off economic growth.
As a result, monetary policy rates (MPRs) remain elevated across much of the continent, underscoring how costly borrowing still is for households and businesses.
From Zimbabwe’s exceptionally high 35% benchmark rate to The Gambia’s comparatively lower 16%, borrowing costs reflect differing degrees of inflationary pressure, currency fragility, fiscal stress, and structural constraints.
While several central banks have begun cautiously easing policy as inflation moderates, financial conditions remain tight by both historical and global standards.
Taken together, these policy stances highlight Africa’s uneven and fragile path toward price stability and more affordable credit.
Below are the African countries with the highest monetary policy rates as of December 2025.
- Previous: 35.00% | Last MPC Meeting: December 2025
Zimbabwe remains Africa’s most expensive country to borrow money. Its policy rate has been held at an exceptionally high 35% since September 2024, with the central bank reaffirming the stance in December 2025.
Although inflation slowed sharply during 2025, falling from extremely high levels mid-year to below 20% by November—the Reserve Bank of Zimbabwe maintained its tight posture to consolidate gains and anchor expectations.
Support from the gold-backed ZiG currency and strict liquidity controls helped stabilize prices, but authorities have stressed that sustained discipline is required before meaningful easing can begin.
