Average lending rate stood at 15.9% as of August 2026

In August 2026, the average lending rate in Ghana was reported to be 15.9% by the Bank of Ghana. This rate had been consistent around 15% since May 2026, implying an approximately 1.31% monthly interest on loans without additional fees. The Ghana Reference Rate, a benchmark interest rate, was at 10.61% in August 2026, showing a slight increase from July's figure of 10.59%.

Economic data released by the Bank of Ghana in September 2026 revealed a sharp decline in the average lending rate, which had started at 20.58% in January 2026 and dropped to 17.74% by March 2026. This downward trend continued through April 2026, where the rate settled at 16.33%. Throughout May, June, and July 2026, the rate fluctuated, settling between 15.83% and 15.80%.

In July, the central bank maintained its policy rate at 14%, citing concerns about inflation and the geopolitical instability caused by the war in the Middle East. It is noteworthy that the average lending rates differ among banks, sectors, and borrowers. Some financial institutions offer loan rates in line with the Ghana Reference Rate, while others charge up to 30% annually.

Presently, certain banks are offering structured loans to employees at an average rate of 12%. The Governor of the Bank of Ghana expressed a hope that interest rates would not exceed 10%.