Interest on individual loans hitting 50%, with no bank offering rates below 20%

The cost of credit in Ghana is high. No bank offers household loans below 20% interest. Borrowers face rates as high as 50%. This information comes from the Bank of Ghana’s report on Annualized Percentage Rates (APRs) for March 2025.

For one-year household loans, Guaranty Trust Bank (Ghana) Limited has the best rate at 23.80%. Bank of Africa Ghana Limited follows with an average rate of 25.93%. GCB Bank Limited offers a rate of 27.20%. Societe Generale Ghana PLC and Republic Bank (Ghana) PLC have rates of 27.48% and 29.12%, respectively.

Standard Chartered Bank (Ghana) Limited charges 29.67%. Absa Bank Ghana Limited has a rate of 32.08%. Ecobank Ghana Limited's rate is 32.93%. Zenith Bank (Ghana) Limited charges 33.24%, while Access Bank Ghana Plc has a rate of 33.30%. Stanbic Bank Ghana Limited recorded the highest average rate at a significant 50.80%.

For three-year loans, Guaranty Trust Bank (Ghana) Limited again offers the lowest rate at 21.60%. Societe Generale Ghana PLC follows with a rate of 23.17%, and Fidelity Bank Ghana Limited charges 24.30%. Stanbic Bank Ghana Limited has the highest three-year loan rate at 42.57%.

For five-year household loans, Guaranty Trust Bank (Ghana) Limited leads with a rate of 21.02%. Societe Generale Ghana PLC follows closely at 22.27%, and Fidelity Bank Ghana Limited charges 22.96%.

The Annualized Percentage Rate (APR) shows the total cost of borrowing, including interest and fees. It helps borrowers understand the true cost of loans from financial institutions.