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

April 10, 2022
Interest Rates in Ghana – Banks with Best Lending Rates – 2021
Cal Bank HQ, Accra

What are the interest rates in Ghana? Data on the first quarter of 2021 released by the  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%;
  • – 22.80%;
  • National Investment Bank – 21.77%;
  • Prudential – 21.93%;
  • Republic Bank – 21.03%;
  • Stanbic – 20.86%;
  • – 20.82%;
  • United Bank for Africa – 20.05%;
  • Universal Merchant Bank – 20.39%; and
  • – 19.45%.

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

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

The lowest average effective lending rates are offered by:

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

Interest Rates in Ghana – 2021

RankBankAverage Lending Rate
1CalBank PLC15.97
2Guaranty Trust Bank (Ghana) Limited16.97
3Bank of Africa Ghana Limited17.19
4Access Bank Ghana Plc17.77
5OmniBSIC Bank Ghana Limited17.95
6Ecobank Ghana Limited18.41
7United Bank for Africa (Ghana) Limited19.05
8Zenith Bank (Ghana) Limited19.45
9Universal Merchant Bank Limited20.39
10First National Bank (Ghana) Limited20.55
11 Ghana Limited20.64
12Standard Chartered Bank (Ghana) Limited20.82
13 Ghana Limited20.86
14Republic Bank (Ghana) PLC21.04
15First Atlantic Bank Limited21.35
16Consolidated Bank Ghana Limited21.62
17National Investment Bank Limited21.77
18Prudential Bank Limited21.93
19FBNBank (Ghana) Limited22.25
20GCB Bank Limited22.8
21Absa Bank Ghana Limited23.59
22Societe General Ghana PLC23.61
23Agricultural Development Bank Limited24.89

Data Source:Banks of Ghana,

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