Africa Interest Rates Range Widely Across Countries

African Countries with the Highest and Lowest Interest Rates (May 2026)

Africa’s monetary policy environment in May 2026 is defined by a wide dispersion in benchmark interest rates, ranging from 35.00% to 1.75%, reflecting differing inflation trajectories, exchange rate regimes, fiscal positions, and central bank policy frameworks across economies.

The spread between the highest and lowest policy rates stands at 33.25 percentage points, indicating strong divergence in macroeconomic stability across the continent.

Top 5 Highest Interest Rates in Africa

• Zimbabwe’s 35.00% reflects persistent inflation pressure and currency instability.
• Nigeria’s 26.50% reflects inflation control measures and exchange rate pressure.
• Malawi’s 24.00% reflects elevated food and import-driven inflation.
• Egypt’s 19.00% reflects inflation management and external financing pressure.
• Angola’s 17.00% reflects exchange rate adjustment and oil-linked fiscal constraints.

Zimbabwe maintains 35.00%. Nigeria maintains 26.50%. Malawi maintains 24.00%. Egypt maintains 19.00%. Angola maintains 17.00%.

Sierra Leone maintains 16.75%. Liberia maintains 16.25%. Ethiopia maintains 15.00%. Ghana maintains 14.00%. Gambia maintains 14.00%. Zambia maintains 13.50%. Republic of the Congo maintains 13.50%. South Sudan maintains 13.00%.

Madagascar maintains 12.00%. Burundi maintains 10.00%. São Tomé and Príncipe maintains 10.00%.

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Uganda maintains 9.75%. Guinea maintains 9.50%. Mozambique maintains 9.25%. Kenya maintains 8.75%. Rwanda maintains 8.25%.

Tunisia maintains 7.00%. South Africa maintains 6.75%. Eswatini maintains 6.75%. Lesotho maintains 6.50%. Namibia maintains 6.50%. Mauritania maintains 6.00%. Botswana maintains 5.50%. Tanzania maintains 5.75%.

Benin maintains 5.00%. Burkina Faso maintains 5.00%. Côte d’Ivoire maintains 5.00%. Mali maintains 5.00%. Niger maintains 5.00%. Senegal maintains 5.00%. Togo maintains 5.00%. Guinea-Bissau maintains 5.00%.

Cameroon maintains 4.75%. Central African Republic maintains 4.75%. Chad maintains 4.75%. Equatorial Guinea maintains 4.75%. Gabon maintains 4.75%. Mauritius maintains 4.75%.

Libya maintains 3.00%. Algeria maintains 2.50%. Cape Verde maintains 2.50%. Morocco maintains 2.25%. Seychelles maintains 1.75%.

Top 5 Lowest Interest Rates in Africa

• Seychelles’ 1.75% reflects stable inflation and tourism-driven economic structure.
• Morocco’s 2.25% reflects strong monetary policy credibility and anchored inflation.
• Algeria’s 2.50% reflects state-influenced monetary stability.
• Cape Verde’s 2.50% reflects exchange rate peg stability.
• Libya’s 3.00% reflects controlled monetary conditions despite structural disruption.

Seychelles maintains 1.75%. Morocco maintains 2.25%. Algeria maintains 2.50%. Cape Verde maintains 2.50%. Libya maintains 3.00%.

Continental Interest Rate Distribution

Zimbabwe records the highest interest rate in Africa at 35.00%. Seychelles records the lowest at 1.75%.

West African Monetary Zone economies including Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, Togo, and Guinea-Bissau maintain a unified policy rate of 5.00%.

Central African Economic and Monetary Community economies including Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and Mauritius maintain 4.75%.

South Africa records 6.75%. Namibia records 6.50%. Lesotho records 6.50%. Botswana records 5.50%. Tanzania records 5.75%.

Kenya records 8.75%. Rwanda records 8.25%. Uganda records 9.75%. Mozambique records 9.25%. Guinea records 9.50%.

Ghana records 14.00%. Nigeria records 26.50%. Egypt records 19.00%. Angola records 17.00%. Sierra Leone records 16.75%. Liberia records 16.25%. Ethiopia records 15.00%.

Zambia records 13.50%. Republic of the Congo records 13.50%. South Sudan records 13.00%. Madagascar records 12.00%. Burundi records 10.00%. São Tomé and Príncipe records 10.00%.

Tunisia records 7.00%. Mauritania records 6.00%.

Continental Monetary Structure

Africa’s highest policy rate remains Zimbabwe at 35.00%, while the lowest is Seychelles at 1.75%. The resulting 33.25 percentage point spread reflects structural differences in inflation regimes, exchange rate systems, and monetary policy credibility across the continent.

High-interest economies are concentrated in inflation-pressured and currency-volatile markets, requiring restrictive monetary policy to stabilise prices and support exchange rate conditions. Mid-range economies reflect transitional policy environments balancing inflation control with growth support. Low-interest economies are concentrated in North Africa, island economies, and regional monetary unions with stronger currency stability or managed exchange rate systems.

West African Monetary Zone economies maintain a unified 5.00% policy rate, while Central African Monetary Community economies maintain 4.75%, reflecting coordinated monetary frameworks that reduce rate dispersion across member states.

Southern African economies operate within a 5.50%–7.00% band, supported by deeper financial markets and more established monetary policy frameworks. East African economies operate between 8.25% and 9.75%, reflecting moderate inflation targeting regimes with varying currency pressures.

North African economies show comparatively lower and more stable rates, ranging from 2.25% to 7.00%, supported by stronger monetary anchors and more stable inflation expectations.

Monetary Policy Structure

West African Monetary Zone countries maintain a uniform policy rate of 5.00% across eight economies.

Central African Monetary Zone countries maintain 4.75% across six economies.

Southern African economies operate between 5.50% and 7.00%.

East African economies operate between 8.25% and 9.75%.

North African economies operate between 2.25% and 7.00%.

Africa’s interest rate structure in May 2026 underscores a sharply divided monetary landscape, where policy divergence remains anchored on inflation differentials, exchange rate stability, and macroeconomic resilience. The persistence of double-digit policy rates in several economies contrasts with ultra-low benchmark rates in North and island economies, reflecting varying degrees of monetary stability and policy credibility. The resulting spread continues to influence capital allocation, borrowing costs, and investment conditions across the continent, reinforcing a fragmented but actively adjusting regional financial environment.