Top 10 banks offering lowest lending rates

By Praisebell Rosemond Larbi

The Bank of Ghana’s latest update on lending rates has revealed the top-performing commercial banks offering the lowest rates on household, SME, and corporate loans across different tenors.

The data, sourced from the central bank’s published Annual Percentage Rates (APR) and Average Interest Rates, provides a guide for borrowers seeking more competitive credit terms in a high-interest environment.

With interest rates remaining a critical consideration for individuals and businesses navigating Ghana’s economic climate, the rankings highlight notable differences between institutions and loan categories.

For households, the most favourable rates were largely under 25 percent for shorter-term credit, while a few banks maintained relatively competitive positions for medium- to long-term borrowing.

For Small and Medium Enterprises (SMEs), some banks offered rates in the low 20s for select tenors, but most hovered above 27 percent, reflecting the heightened risk profile associated with business lending.

Corporate loans, meanwhile, showed slightly better pricing on longer tenors from a handful of institutions, although one-year rates remained above 23 percent across the board.

The figures, current as of the Bank of Ghana’s latest market data, underscore the importance of comparing offers before committing to a loan.

Financial analysts note that while interest rates are a major factor, borrowers should also assess associated fees, loan conditions, and repayment flexibility to ensure the overall cost of credit remains sustainable.

Below are the top 10 banks by category and tenor, ranked from lowest to highest rate:

HOUSEHOLD LOANS

One-year:

            •           Bank of Africa Ghana Limited – 20.22%

            •           Guaranty Trust Bank (Ghana) Limited – 23.72%

            •           First Atlantic Bank Limited – 24.21%

            •           Republic Bank (Ghana) PLC – 24.99%

            •           GCB Bank Limited – 26.70%

            •           United Bank for Africa (Ghana) Limited – 26.95%

            •           Access Bank Ghana Plc – 28.03%

            •           CalBank PLC – 28.20%

            •           Absa Bank Ghana Limited – 29.34%

            •           Societe Generale Ghana PLC – 31.15%

Three-year:

            •           Republic Bank (Ghana) PLC – 21.43%

            •           Guaranty Trust Bank (Ghana) Limited – 21.94%

            •           Standard Chartered Bank (Ghana) Limited – 22.75%

            •           Fidelity Bank Ghana Limited – 23.73%

            •           GCB Bank Limited – 24.17%

            •           Bank of Africa Ghana Limited – 24.48%

            •           Societe Generale Ghana PLC – 24.54%

            •           Absa Bank Ghana Limited – 27.42%

            •           FBNBank (Ghana) Limited – 27.80%

            •           Access Bank Ghana Plc – 28.08%

Five-year:

            •           Republic Bank (Ghana) PLC – 20.70%

            •           Guaranty Trust Bank (Ghana) Limited – 20.97%

            •           Societe Generale Ghana PLC – 21.14%

            •           Standard Chartered Bank (Ghana) Limited – 21.76%

            •           Fidelity Bank Ghana Limited – 22.22%

            •           GCB Bank Limited – 23.66%

            •           Bank of Africa Ghana Limited – 23.74%

            •           Access Bank Ghana Plc – 26.98%

            •           Absa Bank Ghana Limited – 27.13%

            •           Zenith Bank (Ghana) Limited – 29.01%