Monetary policy · September 2026

From the Policy Rate to the Business Loan: Monetary Transmission in Ghana

Examines how policy signals pass through benchmark rates, loan pricing and access to business finance. It separates rate changes from borrower spreads, fees, collateral conditions and usable liquidity.

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63 pages · 1.11 MB · English

Cover of From the Policy Rate to the Business Loan: Monetary Transmission in Ghana

About this report

Author: Dr. Felix Larry Essilfie
Publisher: Institute of Development and Economic Research (IDER)
Publication date: September 2026
Evidence cut-off: 2026-09-18
Reference period: Matched monthly rates: September 2023–February 2026. Historical SME pricing: September 2024.
Series: IDER’s Ghana Macroeconomic Policy and Business Intelligence Briefings

Read the evidence in context

Descriptive evidence rather than a causal impact evaluation. The report states that full revalidation of the original Bank of Ghana rate and APR tables remains outstanding.

The report’s original source definitions, assumptions and limitations govern its interpretation. References to other institutions do not imply their endorsement.

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