Bank of Ghana Headquarters
The Bank of Ghana’s September 2024 Annualised Percentage Rates (APR) report shows that some banks are offering significantly lower borrowing costs for households than others.
The figures cover one-year household loans and include all fees and charges.
• Bank of Africa Ghana Limited – 24.82%
Bank of Africa recorded the lowest APR, making it the most affordable option for household borrowers.
• Societe Generale Ghana PLC – 31.96%
Ranked second with a competitive rate of 31.96%.
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• Consolidated Bank Ghana Limited – 31.99%
Followed closely in third place at 31.99%.
• Republic Bank Ghana PLC – 32.43%
Maintained a strong position among low-rate lenders at 32.43%.
• Stanbic Bank Ghana Limited – 33.83%
Offered a rate of 33.83%, placing it in the top five.
• FBNBank Ghana Limited – 33.91%
How Ghana’s Reference Rate shapes your loan payments
Provided another competitive option with a rate of 33.91%.
• Absa Bank Ghana Limited – 34.01%
Rounded off the list with an APR of 34.01%.
The Bank of Ghana report highlights the significant differences in borrowing costs across banks, underlining the importance for consumers to compare rates before taking household loans.
DR/MA
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