Across Africa, central banks continue to balance the competing pressures of bringing inflation under control while still supporting fragile economic growth.
As a result, monetary policy rates (MPRs) remain elevated across several economies, keeping borrowing costs high for households, businesses, and governments.
From Zimbabwe’s exceptionally high 35.00% benchmark rate to Ghana and The Gambia at 14.00%, Africa’s interest rate landscape reflects wide disparities in inflation trends, currency stability, fiscal positions, and exposure to external shocks.
Nigeria currently has the second-highest Monetary Policy Rate (MPR) in Africa among major economies.
While a few central banks on the top 10 list have begun cautiously easing policy as inflation gradually moderates, others remain firmly on hold, underscoring that the fight against inflation is still ongoing.
At the same time, geopolitical risks, particularly tensions in the Middle East and fluctuations in global oil prices, continue to influence monetary policy decisions across several African economies.
Taken together, the current interest rate environment points to an uneven and still fragile disinflation process across the continent, even as inflation trends show gradual improvement in several countries.
Africa’s most expensive countries to borrow money in May 2026
Previous: 16.25% | Last MPC Meeting: April 27, 2026
Liberia maintained its policy rate at 16.25%, while signaling a continued cautious tightening bias.
Inflation eased to 3.60% in Q1 2026, though imported price risks from fuel and food remain elevated.
The central bank also highlighted concerns around exchange rate pressures and elevated non-performing loans in the banking sector.
