Bank of Ghana Reports Average APR of 17.64% on Loans in May, Standard Chartered Offers Best SME Rate
- Standard Chartered Bank posted the lowest APR on one-year SME credit facilities at 11.03%, according to Bank of Ghana data
- Absa offered corporate borrowers the most competitive terms, with a 7.62% APR on one-year facilities in May
- Some commercial banks applied rates as high as 39.27%, revealing a wide gap in lending conditions across Ghana's banking sector
The Bank of Ghana has released lending rate data for May 2026, revealing a wide spread in the annual percentage rates (APRs) applied by commercial banks across SME and corporate loan categories.
The central bank reported an average APR of 17.64% across all lending categories for the month, with the highest rate among commercial banks reaching 39.27%.
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Among banks serving small and medium-sized enterprises, Standard Chartered Bank offered the lowest APR on one-year facilities at 11.03%.
For three-year SME credit, Stanbic Bank Ghana recorded the most competitive rate at 13.04%, while Ecobank Ghana posted the lowest APR on five-year SME facilities at 13.97%.
At the opposite end of the spectrum, certain lenders applied APRs of up to 33.58% on SME loans, underscoring the considerable variation in borrowing costs that smaller businesses face depending on their choice of lender.
Source: Original
Source: UGC
Source: Original
Corporate Borrowers Face Their Own Divide
Corporate clients found the most favourable terms at Absa, which offered 7.62% on one-year facilities and 9.78% on three-year corporate credit. Ecobank Ghana again featured at the competitive end of the market, recording the lowest APR on five-year corporate lending at 13.16%.
However, some lenders charged corporate clients rates of up to 35.52%, a figure that sits considerably above the sector average and signals that not all large borrowers are accessing affordable credit.
The data highlights a significant divergence in lending conditions across Ghana's banking sector, with the gap between the most and least competitive lenders exceeding 28 percentage points in some loan categories.
OmniBSIC Bank posted the lowest interest rate on household loans among Ghanaian commercial banks in May 2026, charging an Annualised Percentage Rate of 5.03% on five-year household credit facilities, according to the data released on July 17.
What the APR Means for Borrowers
The Bank of Ghana defines the Annualised Percentage Rate as the true cost of borrowing after a loan has been approved.
It incorporates the Ghana Reference Rate alongside bank-specific risk premiums and any additional charges levied by individual lenders.
The central bank stressed that the published figures are indicative rather than guaranteed, noting that the rate offered to any individual borrower may vary based on the bank's assessment of that person's financial circumstances and risk profile.
Source: YEN.com.gh
