Ghana Loan Rates Drop Below 40% as BoG Signals Further Cuts

Ghana’s financial landscape is shifting fast, borrowing costs are tumbling, monetary policy may loosen further, and regulators are stepping up enforcement in the petroleum sector.

Loan Interest Rates Fall Sharply, Bringing Relief to Borrowers

Households, SMEs, and corporates are breathing easier as loan interest rates in Ghana retreat from the 50% threshold seen earlier this year to a range of 20%–40%, according to the Bank of Ghana’s June 2025 Annualised Percentage Rates (APRs).

• One-Year Tenor: Bank of Africa leads with 20.22%, followed by GTBank (23.72%), First Atlantic Bank (24.21%), Republic Bank (24.99%), and GCB Bank (26.70%). Prudential Bank tops the high end at 42.24%.

• Three-Year Tenor: Republic Bank offers the lowest at 21.43%, ahead of GTBank (21.94%) and Standard Chartered (22.75%). CalBank’s 39.63% is the highest.

• Five-Year Tenor: Republic Bank again leads at 20.70%, with GTBank (20.97%) and Société Générale (21.14%) close behind.

  
  

The APR reflects the true cost of borrowing, incorporating the Ghana Reference Rate plus bank-specific risk premiums and charges. Lower rates could spur private sector investment and consumer spending in the months ahead.

BoG Engages Banks on FX Auctions, Signals Possible Rate Cut

Bank of Ghana Governor Dr. Johnson P. Asiama is set to meet the Ghana Association of Banks to address concerns over forward foreign exchange auctions and liquidity shortages.

With inflation easing, the cedi stable, and reserves improving, the BoG recently cut its policy rate from 28% to 25%. Dr. Asiama hinted at further cuts if macroeconomic conditions remain favourable, a move that could reduce borrowing costs further and strengthen Ghana’s economic recovery.

NPA Moves to Shut Down Unlicensed Fuel Stations

The National Petroleum Authority (NPA) has warned that fuel stations operating without a valid license risk immediate closure and decommissioning.

Under the National Petroleum Authority Act, 2005 (Act 691), only Ghanaians or registered joint ventures meeting local content requirements can obtain licenses. Operators must also display permits prominently at their premises.

The crackdown aims to enforce safety standards, protect consumers, and maintain confidence in Ghana’s petroleum supply chain at a time of growing energy demand.

Investor Insight

Ghana’s auto market is projected to more than double from US$4.6 billion in 2021 to US$10.64 billion in 2027, fuelled by government incentives and global car assembly plants setting up locally, opening fresh investment opportunities in assembly, parts, and logistics.

Stay tuned to the Cedi Board® for real-time updates on Ghana’s financial pulse. From prices and policy to investment tips that help you make sense of the numbers.