Average lending rates have fallen by more than 7.0 percentage points since the beginning of 2025.

According to the Bank of Ghana’s November 2025 Summary of Economic and Financial Data, the average cost of borrowing stood at 22.22% in October 2025, from 30.07% in January 2025.

From 30.07% in January 2025, the average lending rates increased to 30.12% in February 2025, but fell to 29.18% in March 2025.

It further decreased to 27.40% in April 2025 and then to 26.90% in May 2025. However, it rose marginally to 27.00% in June 2025, but has since taken a dive.

Similarly, the Ghana Reference Rate has also fallen sharply to 17.86% in October 2025, from 29.72% in January 2025.

The Central Bank cut its policy rate to 21.50% in September 2025, citing sustained disinflation, strong economic growth, and an improvement in external buffers.

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.