Interest rates for loans in Ghana remain high, with notable differences across banks and loan types, according to newly released data on corporate, household, and SME lending.
The figures, drawn from the June 2025 Annualised Percentage Rates (APR) report, reveal a competitive but costly credit market that could impact businesses and consumers alike.
Corporate Loans: Rates Vary Widely
Corporate borrowers face rates ranging from below 24% to well over 33%, depending on the bank and loan term.
- Lowest rates: Fidelity Bank Ghana Limited offers the lowest 3-year corporate loan at 21.1%, while Standard Chartered Bank (23.8%) and Universal Merchant Bank (23.5%) also fall under 24% for certain tenures.
- Highest rates: Ecobank Ghana Limited tops the chart with a 33.7% rate for 5-year corporate loans, followed closely by Zenith Bank at 31.2% for 3-year loans.
- Some banks, such as Access Bank Ghana Plc and GCB Bank Limited, offer relatively consistent rates across short and long-term loans, hovering around 25–29%.
Household Loans are Still Expensive, But Offer Relief for Short Terms
Ghanaian households seeking credit encounter similar patterns.
- Best deals: Bank of Africa Ghana Limited stands out with a 20.2% 1-year household loan rate, one of the few below 25%.
- Top rates: Societe Generale Ghana PLC has the highest short-term household loan rate at 31.2%.
- Medium-term borrowing tends to be cheaper at some banks, with Republic Bank (21.4%) and Guaranty Trust Bank (21.9%) offering competitive 3-year rates.
SME Loans: Similar Trends to Household Lending
The data for SME loans mirrors household lending, suggesting similar pricing strategies by banks for smaller business and personal borrowers.
- Lowest 1-year rate: Again, Bank of Africa Ghana Limited offers 20.2%, while most other banks exceed 23%.
- Highest rate: Societe Generale Ghana PLC leads with 31.2% for 1-year loans to SMEs.
- For longer-term SME financing, rates hover around 21–24% at the lower end, with most banks staying above 27% for 5-year loans.
The Big Picture
The findings underscore the challenges for borrowers in Ghana’s high-interest-rate environment. While some banks are more competitive for shorter-term loans, long-term financing remains expensive, potentially constraining investment and spending.
For corporates, household borrowers, and SMEs alike, the key to cost-effective borrowing will be comparing rates across multiple institutions and negotiating favourable terms.
