The GRR, a benchmark for loan pricing, dropped to 23.8% in June, while 91-day T-bill yields fell below 15%.

A structural shift emerged as inflation dipped below T-bill rates for the first time in years, enabling positive real returns for investors. This development grants the central bank greater policy flexibility. Commercial lending rates, though still elevated at 27.4% (down from 31.25% in 2024), show early responsiveness to the GRR’s 500-basis-point decline since March.

Interbank rates also eased, falling from 30.19% in December 2023 to 27.02% by May 2025, signaling improved liquidity and systemic confidence. Analysts note these converging trends—cooling inflation, retreating market rates, and stabilized funding pressures—create conditions conducive to monetary easing. A potential rate cut at the next Monetary Policy Committee meeting could further accelerate the decline.

While structural hurdles like risk premiums persist, Governor Asiama’s ambition appears increasingly viable amid sustained macroeconomic improvements.