The Ghana Reference Rate (GRR), the benchmark used by commercial banks to price loans, is set to rise marginally to 10.61% in August 2026, up from 10.59% in July. This could lead to a slight increase in borrowing costs for customers with variable-rate loans. JOYBUSINESS calculations, based on the industry-approved formula for determining the Ghana Reference Rate and market data from industry players, indicate the benchmark will edge up by 0.02 percentage points this month. The Ghana Reference Rate is calculated using these three variables and serves as the base benchmark for pricing loans across Ghana’s banking industry. Mixed Trend in 2026The Ghana Reference Rate has recorded mixed movements throughout 2026.