The average lending rate in Ghana remained high despite falling to 19.7% in February 2026.

This is compared with 30.12% in February 2025.

According to data from the Bank of Ghana, the average lending rate declined month-on-month from January 2025 to May 2025. It, however, increased marginally in June 2025 but took a nosedive since then till the rest of the year.

However, based on the sharp decline in treasury rates to single-digit figures, analysts and market watchers were expecting the rates to fall further than the current rate.

 The average lending rate stood at 29.18% in March 2025. It dropped consecutively to 27.40% in April 2025 and 26.90% in May 2025.

It, however, inched up marginally to 27.0% in June 2025, but declined to 26.59% in July 2026. Since then, it fell to 20.45% in December 2025.

Similarly, the Ghana Reference Rate has also fallen sharply to 14.58% in February 2026, from 29.96% in February 2025.

The Bank of Ghana cut its policy rate to 15.50% in January 2025, from 18%. In taking the policy decision, the MPC acknowledged that macroeconomic conditions have improved significantly. This was supported by the tight monetary policy stance, fiscal consolidation, and significant build-up of reserves.

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 28%.

This, however, depends on the risk profile of the customers.