Average lending rate stood at 15.9% as of August 2026

According to the Bank of Ghana, Ghana's average lending rate reached 15.9% by the end of August 2026. This rate has remained roughly consistent at around 15% since May 2026. The implication is that borrowers would incur approximately 1.31% in interest per month on their loans, not accounting for additional fees and charges.

The Ghana Reference Rate, a benchmark figure, was noted at 10.61% in August 2026. This figure remained steady, fluctuating marginally from 10.59% in the previous month.

Historically, the average lending rate in Ghana has exhibited volatility. In January 2026, it was recorded at 20.58%, which saw a decline to 19.17% by February 2026. The trend continued downwards, hitting 17.74% in March 2026, 16.33% in April 2026, and then oscillating around 15.83%, 15.64%, and 15.80% in the subsequent months of May, June, and July 2026, respectively.

During July 2026, the Bank of Ghana maintained its policy rate at 14%, citing inflation risks and external pressures stemming from the Middle East war, which had caused oil prices to soar significantly. Despite the Bank's decision to hold rates steady, lending rates among Ghanaian banks are not uniform. While some financial institutions mirror the Ghana Reference Rate, others levy as high as 30% annually. There are instances where banks presently offer structured loans to employees at an average rate of 12%.