Universal Merchant Bank (UMB) tops the list for the highest one-year loan interest rate to households in Ghana, with a rate of 55.98%, according to the Bank of Ghana’s 2024 report on Annualized Percentage Rates (APRs).
This places UMB ahead of Fidelity Bank Ghana, which offers a rate of 49.92%, and National Investment Bank (NIB) at 44.22%.
At the lower end of the spectrum, Bank of Africa Ghana provides the most competitive rate for one-year household loans at 24.82% followed by Societe Generale Ghana at 31.96% and Consolidated Bank Ghana at 31.99%.
The APR, as defined by the Bank of Ghana, reflects the true cost of borrowing, including the Ghana Reference Rate, bank-specific risk premiums, and other fees.
These indicative rates may vary based on the borrower’s creditworthiness and individual financial profile, highlighting the varied landscape of household lending across Ghana’s banking sector.
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