Top 10 African countries with the highest interest rates.
The policy interest rates for the countries in Africa are listed below along with how many percentage points they have increased since the year started.
Only one of the participants on the list has seen their interest rate decrease since the year started. No single North African country is on this list.
There are many indicators of how well an economy performs, and a country’s interest rate is one of said indicators.
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What is a Country’s Policy Interest Rate
A country’s policy interest rate is the amount which a country’s central bank pays or charges commercial banks for their deposits or loans.
As was already stated, it is a trustworthy indicator of how well an economy is doing, as was already stated. In contrast to inflation rates, a country’s interest rate level does not fully reflect the health of its economy.
Instability in the economy is often indicated by a fluctuating policy interest rate. And, as repaying loans designed to help both SMEs and large corporations becomes increasingly difficult, an unreasonably high interest rate simply creates a significant financial barrier for businesses in the country.
It’s also crucial to remember that a nation’s economy automatically experiences a decrease in money supply when its interest rate is too high.
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Africa has experienced these economic difficulties before. The economy of the area has been particularly cruel this year. Interest rates are rising in many of the continent’s nations as growing inflation rates continue to be a problem for the entire continent.
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Top 10 African countries with the highest interest rates.
According to research by the International Monetary Fund as of September 2022, the following is a list of African nations with the highest interest rates or interest percentage points.
This list also shows how many percentage points each item has risen since the year’s beginning.
- Ghana (22.00): Ghana currently has an interest rate of 22.0 and has grown by 7.50 percentage points.
- Angola (19.50): This North African country has an interest percentage point of 19.50, but has reduced by 0.50.
- Mozambique (17.25): Mozambique has a current interest percentage point of 17.25, increasing by 4 points since the year began.
- Sierra Leone (16.00): Spotting an interest percentage point of 16.00, this country’s interest rate increased by 1.75 since the year began.
- Nigeria (15.50): The heartland of Africa, Nigeria has a current interest rate of 15.50, and has steadily increased all year round by 4.00 points.
- Malawi (14.00): This East African country has an interest rate of 14.00 and has increased by 2.00 since the year began.
- The Gambia (12.00): The Gambia’s current interest percentage point stands at 12.00, also increasing by 2.00 since the year began.
- Guinea (11.50): This country’s interest rate has stayed the same since the year began, its current interest percentage point is 11.50.
- Uganda (9.50): Uganda’s current interest rate currently stands at 9.50, and it increased by 2.50 since January 2022.
- Zambia: Another entrant on this list with a stable interest rate since the year began, Zambia’s interest rate grew and reduced by 0 points and currently stands at 9.00.
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