Thinking of securing a household loan from commercial banks in Ghana, The High Street Journal has some great insights for you to make the right choice.
The new Bank of Ghana Annualized Percentage Rates (APR) report for June 2025 has fresh intel for Ghanaian borrowers who are considering rate-shopping. The June 2025 Annualized Percentage Rates (APR) league table for household loans shows clear standouts at each tenor (duration of the loan) and big gaps between the cheapest and priciest lenders.
The APR is the true cost of the loan, i.e, what you actually pay for the loan. It is basically the Ghana Reference Rate (GRR) plus fees and other charges, accounting for the total cost of the loans. However, it is important to note that the figures provided are indicative; your final offer can differ based on your profile.
Below are the banks with the lowest APR and the highest across all the 1-year, 2-year, and 3-year loan periods.
1-Year Tenor Loans to Households
Lowest APRs
Bank of Africa — 20.22%
GTBank — 23.72%
First Atlantic — 24.21%
Highest APRs
Prudential Bank — 42.24%
Consolidated Bank Ghana (CBG) — 38.10%
OmniBSIC and Standard Chartered reported no 1-year household loans in June. The spread from 20.22% to 42.24% means a borrower who shops around can slash borrowing costs significantly.
3-Year Tenor Loans to Households
Lowest APRs
Republic Bank — 21.43%
GTBank — 21.94%
Standard Chartered — 22.75%
Highest APRs
First Atlantic — 39.63%
Universal Merchant Bank (UMB) — 39.27%
CalBank and OmniBSIC reported no 3-year household loans in June.
The differences among the banks with the lowest rates are close without much significant difference. However, the tail is steep; picking a high-APR offer could cost you ~17–18 percentage points more every year.
5-Year Tenor Loans to Households
Lowest APRs
Republic Bank — 20.70%
GTBank — 20.97%
Société Générale — 21.14%
Highest APRs
First Atlantic — 38.53%
Ecobank — 33.88%
CalBank, FBNBank, OmniBSIC and UMB reported no 5-year household loans in June.
It is important to note that if you’re stretching repayments over five years, even small APR differences compound into big cedi amounts. The gap between the cheapest and most expensive options is about 18 percentage points.
The Bottom Line
For household borrowers in June 2025, Bank of Africa (1-year) and Republic/GTBank (3- and 5-year) led the pack on headline affordability, while a handful of lenders sat at the expensive end.
Smart shoppers can save thousands by choosing from the low-APR cluster if they have a low risk profile.
