Country Comparison
Central Bank Policy Rates
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Current monetary policy rates for all 54 African countries. Compare rates, track changes, explore history charts, and understand the impact on lending, savings, and currency across the continent.
Central bank interest rates (also called policy rates, repo rates, or monetary policy rates) are the primary tool African central banks use to control inflation and stabilize their currencies. When a central bank raises its rate, borrowing becomes more expensive, which slows inflation but may also slow economic growth. Conversely, cutting rates stimulates borrowing and investment but can fuel inflation.
Africa's monetary landscape is uniquely diverse. Some countries share central banks through regional monetary unions: the BCEAO serves 8 West African nations using the CFA franc, while the BEAC serves 6 Central African countries. The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho, and Eswatini through currency pegs to the rand. Meanwhile, countries like Nigeria, Kenya, and Ghana operate fully independent monetary policies shaped by local inflation, fiscal policy, and exchange rate pressures.
African central bank rates vary widely across the continent, reflecting different inflation pressures, exchange-rate regimes, and growth conditions. Use the dashboard below to compare the latest available snapshot rather than relying on a fixed yearly ranking.
The CBN MPR is Nigeria's benchmark interest rate set by the Central Bank of Nigeria's Monetary Policy Committee (MPC). It serves as the baseline for all lending rates in the Nigerian economy. When the CBN raises the MPR, commercial banks increase their lending and deposit rates accordingly.
That changes as central banks meet and revise policy. Sort the dashboard by rate to see the highest-rate countries in the current AfroTools snapshot instead of relying on a fixed ranking.
BCEAO (Banque Centrale des Etats de l'Afrique de l'Ouest) sets monetary policy for 8 West African countries sharing the CFA franc (XOF): Senegal, Cote d'Ivoire, Mali, Burkina Faso, Niger, Togo, Benin, and Guinea-Bissau. BEAC (Banque des Etats de l'Afrique Centrale) sets rates for 6 Central African countries using the CFA franc (XAF): Cameroon, Gabon, Chad, Congo Republic, Central African Republic, and Equatorial Guinea.
Higher policy rates mean more expensive loans and mortgages, higher returns on savings and fixed deposits, a potentially stronger local currency, and slower economic growth. Lower rates produce the opposite effects: cheaper borrowing, lower savings returns, and potential currency weakening.
Most African central banks meet bi-monthly or quarterly to review rates. Major banks like the CBN (Nigeria), SARB (South Africa), and CBK (Kenya) typically hold 6-8 meetings per year. Rate changes depend on inflation trends, currency stability, and economic conditions.
The CMA includes South Africa, Namibia, Lesotho, and Eswatini. These countries' currencies are pegged to the South African rand, so their central banks typically follow the SARB's rate decisions closely to maintain the currency peg.