The article examines how changes in interest rates set by the Bank of Ghana affect wholesale and retail market interest rates. The study finds that adjustments to policy interest rates in the wholesale market are slow, and the interbank interest rate often deviates from the prime rate. This suggests challenges in targeting short-term money market rates. In the retail market, changes in policy rates take longer to impact deposit and lending rates, and the adjustments are not complete. This delay and incompleteness may be due to factors like monetary policy signaling, weak policy credibility, and liquidity management.