Borrowers in Ghana are paying significantly different costs for loans depending on the bank, loan type and repayment period, with the latest Bank of Ghana data showing annualised percentage rates (APRs) ranging from as low as 5.03% to as high as 39.27% in May 2026.
The figures, submitted by banks to the central bank, cover one-year, three-year and five-year loan facilities for households, small and medium-sized enterprises (SMEs), and corporate customers. The APR represents the total cost of borrowing, combining the Ghana Reference Rate, bank risk margins and other charges associated with a loan.
The Ghana Reference Rate stood at 10.03% in May, while the average APR across all loan categories was recorded at 17.64%.
According to the data, the cheapest loan rate reported was 5.03%, offered by OmniBSIC Bank Ghana Limited for five-year household credit. The highest was 39.27%, charged by Universal Merchant Bank Limited for three-year household loans.
The wide gap highlights the differences in how banks price credit and the factors that influence borrowing costs, including customer risk profiles, collateral, loan duration, fees and each bank’s internal lending policies.
Among household loans, three-year facilities recorded the highest reported APR, with Universal Merchant Bank charging 39.27%. Stanbic Bank Ghana recorded the lowest rate in the same category at 11.59%.
For one-year household loans, Agricultural Development Bank posted the highest APR at 28.13%, while Stanbic Bank recorded the lowest at 11.62%.
The biggest difference appeared in five-year household loans. United Bank for Africa Ghana reported the highest APR at 32.97%, compared with OmniBSIC Bank Ghana’s 5.03%.
The difference shows why borrowers need to compare loan offers carefully, especially for longer-term facilities where even small variations in rates and fees can significantly affect total repayment costs.
Small businesses, which remain a key driver of employment and economic activity, also recorded wide differences in borrowing costs.
For one-year SME loans, Guaranty Trust Bank Ghana reported the highest APR at 33.58%, while Standard Chartered Bank Ghana recorded the lowest at 11.03%.
In the three-year SME category, Universal Merchant Bank posted the highest APR at 31.09%, while Stanbic Bank Ghana recorded the lowest at 13.34%.
For five-year SME loans, Agricultural Development Bank reported the highest APR at 25.07%, while Ecobank Ghana recorded the lowest at 13.97%.
The figures underline a major challenge facing small businesses: high borrowing costs can restrict access to working capital, slow expansion plans and make it harder for firms to invest and create jobs.
Corporate customers generally received more competitive loan pricing compared with households and SMEs, largely because they often have stronger financial records, better collateral and lower perceived risk.
For one-year corporate loans, Absa Bank Ghana recorded the lowest APR at 7.62%, while Guaranty Trust Bank Ghana reported the highest at 24.67%.
In the three-year category, Absa again recorded the lowest rate at 9.78%, while Agricultural Development Bank posted the highest at 23.56%.
Five-year corporate loans showed a wider spread, with Ecobank Ghana offering the lowest APR at 13.16% and United Bank for Africa Ghana recording the highest at 35.52%.
The data highlights a long-standing issue in Ghana’s lending market: reductions in benchmark rates do not always translate into cheaper credit for all borrowers.
While the Ghana Reference Rate influences lending costs, banks also consider factors such as borrower risk, credit history, collateral, loan size, repayment period and additional charges.
The Bank of Ghana has cautioned that the published APR figures are only indicative, meaning the final rate offered to an individual borrower may differ depending on their specific circumstances.
The publication of APR data gives customers an opportunity to compare loan costs before choosing a bank or negotiating credit terms.
It also shows that fees and charges — including processing fees, arrangement fees, insurance costs and facility charges — can significantly affect the final cost of borrowing.
For instance, a borrower who focuses only on the advertised interest rate may underestimate the actual amount they will repay over the life of the loan.
The differences in APRs across banks suggest that Ghana’s credit market remains highly segmented, with stronger borrowers often accessing cheaper funding while households and SMEs face higher costs.
For policymakers, the figures reinforce the need to improve credit information systems, strengthen competition among banks, reduce lending risks and ensure that monetary policy changes are transmitted more effectively to businesses and consumers.
The May 2026 data shows that Ghana’s lending market is becoming more transparent, but it also reveals that access to affordable credit remains uneven particularly for households and small businesses that need financing the most.
