Average lending rates have dropped by over 7.0 percentage points since the start of 2025.
Data from the Bank of Ghana’s November 2025 Summary of Economic and Financial Statistics shows that the average borrowing rate declined to 22.22% in October 2025, down from 30.07% recorded in January 2025.
After rising slightly from 30.07% in January to 30.12% in February 2025, lending rates eased to 29.18% in March. The downward trend continued with rates falling to 27.40% in April and further to 26.90% in May. Although there was a slight uptick to 27.00% in June, rates have since declined steadily.
In the same period, the Ghana Reference Rate also dropped significantly, falling to 17.86% in October 2025 from 29.72% in January 2025.
In September 2025, the Central Bank reduced its policy rate to 21.50%, attributing the decision to sustained declines in inflation, strong economic performance, and improved external reserves.
Variation in Lending Rates Across Banks
Despite the general decline, lending rates still differ across banks and sectors. While some financial institutions offer loans at rates close to the Ghana Reference Rate, others charge as high as 39%, depending largely on the borrower’s risk profile.