Ghana has the highest interest rate in Africa as of July 2026, with its central bank maintaining a policy rate of 30% to combat persistent inflation. Nigeria follows closely with a rate of 27.5%, while Angola stands at 25%, according to data compiled from central banks across the continent.
Top Five African Countries With Highest Interest Rates
The Central Bank of Ghana raised its benchmark rate to 30% in mid-2026, up from 29% earlier, as consumer price growth remained above 20%. The Bank of Ghana governor, Dr. Ernest Addison, stated that “monetary policy must remain tight to anchor expectations and bring inflation back to target.”
Nigeria’s Central Bank kept the Monetary Policy Rate at 27.5% after a July meeting, citing the need to stabilize the naira and curb price rises. Inflation in Nigeria stood at 24.3% in June 2026.
Angola’s central bank holds a rate of 25%, as the country faces high inflation driven by food and fuel costs. The fourth spot belongs to Ethiopia, with a policy rate of 22%, after the central bank raised rates to contain double-digit inflation.
Other Countries In The Top Ten
Zimbabwe, Egypt, Malawi, Sudan, and Sierra Leone complete the top ten, with rates ranging from 20% to 15%. Zimbabwe’s central bank set its rate at 20% to stabilize the local currency. Egypt’s rate is 18.5% after three consecutive hikes since early 2026.
Malawi holds a rate of 17%, Sudan 16.5%, and Sierra Leone 15%. These high rates reflect the ongoing battle against inflation across the continent, which averaged 15% in 2026, according to the African Development Bank.
Impact On Economies And Borrowers
High interest rates raise borrowing costs for businesses and individuals, slowing economic growth. However, central banks argue that price stability is essential for long-term investment. “Without controlling inflation, any growth is unsustainable,” said an IMF economist covering Africa.
The list highlights the monetary challenges facing African nations, many of which are grappling with external debt, currency depreciation, and supply chain disruptions. The top ten rates are all above 15%, well above the global average of 5%.
