Average lending rates in Ghana have dropped by more than seven percentage points since the start of 2025, according to the Bank of Ghana‘s November 2025 Summary of Economic and Financial Data.
The average cost of borrowing fell to 22.22% in October 2025, down from 30.07% in January.
Get more exclusive breaking news updates on our WhatsApp channel .
The data shows some fluctuations during the year, with rates rising slightly to 30.12% in February before steadily declining to 29.18% in March, 27.40% in April, and 26.90% in May.
June saw a minor uptick to 27.00% before rates continued their downward trend.
Similarly, the Ghana Reference Rate decreased sharply to 17.86% in October 2025 from 29.72% in January.
The Central Bank cited sustained disinflation, robust economic growth, and improved external buffers as reasons for cutting its policy rate to 21.50% in September.
Average lending rates vary across banks and sectors, with some offering loans near the Ghana Reference Rate, while others charge rates as high as 39%, depending largely on customer risk profiles.
