Ghana’s average lending rate stood at 15.9% as of the end of August 2026, according to data from the Bank of Ghana.

The average cost of loans has been hovering around 15% since May 2026. This means one would pay about 1.31% per month on every loan, excluding other fees and charges.

Similarly, the Ghana Reference Rate also stood at 10.61% in August 2026, from  10.59% in July 2026.

According to the Bank of Ghana’s September 2026 Summary of Economic and Financial Data, 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.

It again fell to 16.33% in April 2026.

It hovered around 15.83%, 15.64% and 15.80% in May 2026, June 2026 and July 2026 respectively.

In July 2026, the Bank of Ghana held its policy rate unchanged at 14%, citing risks to inflation and external pressure from the Middle East war that had pushed oil prices very high.

Average Lending Rates Vary Among Banks

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

Some banks offer loans equivalent to the Ghana Reference Rate, whilst others will charge rates as high as 30% per annum.

Presently, some banks are offering structured loans to employees at about 12% on the average.