Interest Rates in Ghana – Banks with Best Lending Rates – 2021

What are the interest rates in Ghana? Data on the first quarter of 2021 released by the Bank of Ghana reveals that 17 of the 23 commercial banks currently operating in Ghana demand average interest rates that give them at least 5% interest spreads over the average base lending rate for the entire industry.

On 31st July 2021, the Bank of Ghana published the following average lending rates of universal
banks for the attention of the general public. The publication is to help promote transparency in the pricing of loans granted by universal banks.

Summary of interest rates charged by commercial banks in Ghana

The banks with the highest average effective lending rates include:

• Consolidated Bank – 21.62%;
• FBN Bank – 22.25%;
• Fidelity – 20.64%;
• First Atlantic – 21.23%;
• First National Bank – 20.55%;
• GCB Bank – 22.80%;
• National Investment Bank – 21.77%;
• Prudential – 21.93%;
• Republic Bank – 21.03%;
• Stanbic – 20.86%;
• Standard Chartered – 20.82%;
• United Bank for Africa – 20.05%;
• Universal Merchant Bank – 20.39%; and
• Zenith Bank – 19.45%.

The three banks with the highest average lending rates demand spreads of over 10% above the Ghana Reference Rate are:

• Absa Bank- 23.59%;
• Societe Generale – 23.61%, and
• ADB – 24.89%.
  

The lowest average effective lending rates are offered by:

• CAL Bank – 15.97%
• Access Bank – 17.77%
• Bank of Africa 17.19%;
• Ecobank Ghana – 18.41%;
• Guaranty Trust Bank – 16.97%;
• OmniBSIC Bank – 17.95%

Interest Rates in Ghana – 2021