The average lending rate in Ghana remained steady at around 30% during the first two months of 2025, according to data from the Bank of Ghana (BoG).

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Figures from the central bank indicate that the average lending rate stood at 30.07% in January 2025 and inched up slightly to 30.12% in February 2025. This followed a rate of 30.25% recorded in December 2024, after fluctuating between 30.07% in October 2024 and 30.45% in November 2024.

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A review of lending rate trends over the past year shows a gradual decline. In January 2024, the average rate was 32.94%, which dropped to 32.77% in February and further to 32.35% in March. The downward trend continued in April 2024 at 31.25% before easing slightly to 31.10% in June. By July 2024, the rate had fallen to 30.71% but saw a marginal uptick to 30.79% in August.

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Meanwhile, the Ghana Reference Rate, which serves as a benchmark for lending, was recorded at 29.96% in December 2024.

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Policy Rate and Lending Variations

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Despite maintaining a policy rate of 27% in January 2025, the central bank attributed the decision to persistent inflationary pressures, particularly from rising food prices in the last quarter of 2024.

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Although the average lending rate hovers around 30%, actual rates charged by banks vary based on the sector and risk profile of borrowers. Some financial institutions offer loans close to the Ghana Reference Rate, while others impose interest rates as high as 39% depending on the perceived risk of the client.

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