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: 21.50% | Last MPC Meeting: November 2025
Ghana recorded one of the sharpest policy pivots in 2025, cutting its MPR to 18% in November from 21.5% the previous month. Headline inflation slowed to 6.3% in November, its lowest level since the CPI rebasing in 2021.
Sustained disinflation, a stronger cedi, and improved fiscal and external buffers underpinned the decision.
With inflation projected to remain within or near the central bank’s target band, policymakers signaled confidence that easing could support credit growth without reigniting price pressures.
