Data released by the Bank of Ghana has revealed that Republic Bank and Bank of Africa provide the lowest interest rates on loans for individuals.

In its Annualized Percentage Rates (APR) ending June 2025, the Bank of Ghana report captured all 23 banks in the country.

The report showed that Bank of Africa offered an interest rate of 20.22 percent for its one year tenor while Republic Bank offered an interest rate of 21.43 percent for its three year period.

The APR reflects the true cost of a loan that economic agents are confronted with when they go through an approval process to secure a loan facility. It comprises the Ghana Reference Rate, bank specific risk-premia and other bank-specific charges.

“The APRs reported in this table are indicative. A typical customer of a bank may be faced with an actual APR different from these indicative APRs, depending on the bank’s assessment of the borrower’s specific circumstance”, the statement from the BoG said.

Below is the full report