Here are the banks that offer the cheapest and expensive loans in Ghana

The report is based on information collected from banks

The APR reflects the true cost of a loan and processes undergone for its approval

The September 2021 Annual Percentage Rates (APR) by the Bank of Ghana has revealed that Republic Bank, UBA and GCB Bank offered the cheapest loans for household consumers for a period of one year.

The report was compiled by the Bank of Ghana based on information provided by the various banks.

GCB offered an indicative rate of 22.50% to household consumers for a tenure of one year, whiles Republic Bank and UBA charged rates of 22.64% and 22.66% respectively.

Bank of Africa, Stanbic and CalBank PLC offered the highest cost of credit of 29.84%, 29.97% and 30.27% respectively.

For durations up to five years, Republic Bank, UBA and Zenith Bank provided the lowest lending rates for household consumers.

They charged rates of 22.64%, 22.66% and 22.76% respectively. Meanwhile, CalBank, Bank of Africa and First Atlantic Bank offered the expensive rates of 29.06%, 29.84% and 33.0% respectively.

On loans offered Small and Medium Scale Enterprises, First National Bank, UBA and UMB offered the least lending rates of 19.52%, 19.96% and 21.80% respectively for one-year tenor.

First Atlantic Bank, Societe Generale and CalBank were seen to be charging expensive rates of 28.95%, 29.50% and 30.38% respectively. For facilities that travel for five years, UBA, NIB and Zenith Bank offered the lowest rates of 19.96%, 22.44% and 22.60% respectively.

Bank of Africa (28.47%) and Societe Generale (29.50%) charged the most expensive rates for the five-year tenure.

Regarding loans to corporate institutions with a tenure of one year, Societe Generale, Stanbic and First National Bank offered the cheapest loans. They charged 15.60%, 16.48% and 18.71% respectively.

Consolidated Bank Ghana on the other hand, charged (26.22%) and CalBank PLC charged (26.33%) the highest rates in that category.

For the five years tenure, Ecobank Ghana (17.67%), Societe Generale (20.10%) and Agricultural Development Bank (20.25%) offered the lowest rates of credit to corporate organisations.

According to the Bank of Ghana, the APR reflects the true cost of a loan that economic agents are confronted with when they go through an approval process to secure credit. It comprises the Ghana Reference Rate, bank-specific risk-premia and other bank-specific charges.