Bank of Ghana Shares New Report With List of Banks That Offer the Best Loan Interest Rates

• The Bank of Ghana has released its list of banks with the lowest APR on household loans in May 2026
• The data showed stark differences in lending rates, with some banks charging as much as 39% on household credit
• The central bank published the APR figures to promote transparency and help borrowers compare loan offers across lenders

The Bank of Ghana has released its list of banks with the lowest Annualised Percentage Rate on household loans in May 2026.

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.

OmniBSIC Bank's figure is notably below the Ghana Reference Rate, which stood at 10.03% during the same period and serves as the industry's standard benchmark for loan pricing.

Stanbic Bank Ghana ranked second among lenders offering competitive household credit, with an APR of 11.59% on three-year facilities. For shorter one-year household loans, Standard Chartered Bank offered the most favourable rate at 11.62%.

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Some commercial banks charged APRs of up to 39% on household loans in May, even as the Ghana Reference Rate held at 10.05%, raising questions about the spread of risk premiums applied by individual institutions.

SME and Corporate Lending Rates

For businesses, Standard Chartered Bank offered the lowest APR of 11.03% on one-year SME credit facilities.

Stanbic Bank Ghana recorded the most competitive rate on three-year SME loans at 13.04%, while Ecobank Ghana offered the lowest APR for five-year SME facilities at 13.97%. At the higher end, some banks applied APRs of up to 33.58% on SME loans.

Corporate borrowers 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 recorded the lowest rate on five-year corporate lending at 13.16%, while some lenders charged corporate clients as much as 35.52%.

Across all lending categories in May, the Bank of Ghana reported an average APR of 17.64%, with the highest rate among commercial banks reaching 39.27%.

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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.

Content strategist shares car loan platforms

Previously, YEN.com.gh reported that Ghanaian TikToker and content strategist Florence had shared three institutions where locals can check if they are eligible to get a car through structured payment options.

She advised viewers not to rush into payments and to do research before committing fully, as many young workers and business owners are looking for ways to own a car without paying the full amount at once.

Source: YEN.com.gh