Average lending rate have fallen by more than 4.0 percentage points since the beginning of 2026 to 16.33% in April 2026.

According to the May 2026 Summary of Economic and Financial Data by the Bank of Ghana, the average lending rate stood at 20.58% in January 2026, but fell to 19.17% in February 2026 and subsequently to 17.74% in March 2026.

Similarly, the Ghana Reference Rate has also fallen sharply to 10.06% in April 2026, from 15.68% in January 2026.

This is on the back of a significant cut in the policy rate of the Bank of Ghana since 2025.

In March 2026, the Bank of Ghana slashed its policy rate by 150 basis points to 14%, citing sustained improvements in macroeconomic conditions despite lingering global uncertainties.

Announcing the new policy rate, the Governor of the Bank of Ghana said the continued recovery and stability in the economy provided room for a gradual easing of the previously tight monetary policy stance.

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.

Presently, some banks are offering structured loans to employees at about 14% on the average.