The interest rate at which a nation’s central bank loans money to commercial banks or other financial institutions is known as the national interest rate. It acts as a standard for other interest rates in the economy, such as those on savings accounts, business loans, and mortgages. This rate is a tool that central banks employ to manage the money supply, inflation, and general economic expansion.
Inflation, exchange rates, and external economic conditions are among some of the factors that can influence a country’s interest rates.
Interest rates in Africa vary widely from country to country due to differences in economic conditions, monetary policies, and financial market development. Africa is a diverse continent with economies at various stages of development, so interest rate levels can range from very high to relatively low. Below is the list of African countries with the highest interest rates in September.
The figures below represent the interest rates of each country as of the last day of August.
This list below is courtesy of Trading Economics, a data platform that offers its customers precise data for 196 nations, including historical data and projections for more than 20 million economic indicators, currency rates, stock market indices, government bond yields, and commodity prices.
| Rank | Country | Interest rate | Global rank |
|---|---|---|---|
1. | Zimbabwe | 150% | 1st |
2. | Ghana | 30% | 4th |
3. | Sudan | 27.3% | 5th |
4. | Congo | 25% | 6th |
5. | Malawi | 24% | 8th |
6. | Liberia | 20% | 10th |
7. | Egypt | 19.25% | 12th |
8. | Sierra Leone | 19.25% | 13th |
9. | Nigeria | 18.75% | 14th |
10. | Mozambique | 17.25% | 16th |
