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: 19.00% | Last MPC Meeting: November 2025
Angola’s central bank continued its gradual easing cycle, cutting its policy rate to 18.5% in November 2025. Headline inflation eased to about 16.6% in November, its lowest level since late 2023.
Earlier tightening helped anchor expectations, allowing policymakers to cautiously pivot toward supporting economic activity. Nonetheless, the central bank remains watchful of renewed inflation risks, particularly from supply-side and exchange-rate pressures.
