The Bank of Ghana released the annualized percentage rates (APRs) for bank loans granted in March 2024. The APR reflects the true cost that a customer will face when taking a loan as it includes all the fees and charges a bank adds to the loan.

The data shows that for loans of a 1-year, 3-year and 5-year tenor made to households, Standard Chartered Bank (Ghana) Limited recorded the lowest average APRs of 29.07%, 25.83% and 25.83% respectively. GCB Bank came in second in the 1-year, and 3-year categories with Fidelity Bank coming in second for the 5-year household loan.

Absa Bank Ghana Limited recorded the lowest average APR charged to SMEs with 19.15% for 1-year tenor loans and 25.3% for 3-year tenor loans. OmniBSIC Bank came in second in both categories with 33.06% for both 1 and 3-year tenor loans. For 5-year loans to SMEs, OmniBSIC had the cheapest with 33.06% while Republic Bank was second with 35.02%.

Standard Chartered also recorded the lowest average APR of 32.71% for corporate institutions for 1-year tenor loans. OmniBSIC Bank recorded an average APR of 33.06% to come in second. For 3-year tenor loans to corporates, United Bank for Africa (Ghana) Limited topped with an average APR of 32.46%. Standard Chartered was second with 32.71%. Access Bank recorded the lowest average APR for 5-year corporate loans of 30.22%. Societe General Ghana PLC was second with 31%.

Note that the average APR does not mean that all loan applicants receive the same rate, but it is the average interest for all loans that were granted in March 2024. Download the full data here.