- Business Insider Africa presents 10 African countries with the lowest interest rates in March 2023.
- This list is courtesy of Trading Economics, an economics data/research platform.
- Cape Verde currently has the lowest interest rate of any African country.
The benefits of a country having a low-interest rate are plentiful and can have a significant impact on a nation’s economic health. Low-interest rates can encourage businesses to invest and expand, provide greater access to credit for consumers, and ultimately lead to increased economic growth.
For businesses, low-interest rates can provide a much-needed boost to their bottom line. When interest rates are low, businesses can borrow money at a relatively low cost, allowing them to expand their operations and hire more workers. This can lead to increased productivity, as well as greater economic growth, which can benefit the entire country.
Low-interest rates also benefit consumers, as they can access more credit at lower rates, allowing them to make larger purchases and take out larger loans. This can help stimulate consumer spending, as people are more likely to make large purchases when they have access to cheaper credit. Furthermore, lower interest rates can also make it easier for people to save money, as they can earn more interest on their deposits.
