Banks' average lending rates remained around the 30% bracket in the first two months of 2025.

According to data from the Bank of Ghana, the average lending rate stood at 30.12% in February 2025 and 30.07% in January 2025, respectively.

It stood at 30.25% in December 2024, after recording 30.07% and 30.45% in October 2024 and November 2024, respectively.

The average lending rate began in January 2024 at 32.94% but fell in February 2024 and March 2024, respectively.

It stood at 32.77% in February 2024 and further dropped to 32.35% in March 2024. It again eased in April 2024 to 31.25%.

Subsequently, it went down slightly to 31.10% in June 2024 and then 30.71% in July 2024. It, however went up marginally to 30.79% in August 2024.

The Ghana Reference Rate, however stood at 29.96% in December 2024.

The Central Bank kept the policy rate unchanged at 27% in January 2025, citing elevated inflation profile, largely driven by food price movements, especially in the last quarter of the year.

Average lending rates vary among banks

The average lending rates, however, vary among the banks and the respective sectors they lend to.

Some banks offer loans equivalent to the Ghana Reference Rate, whilst others will charge rates as high as 39%.

This however depends on the risk profile of the customers.