Small and Medium-sized Enterprises (SMEs) faced high borrowing costs in May 2026 despite the Ghana Reference Rate remaining at 10.03 per cent, the latest Bank of Ghana Annualised Percentage Rates (APR) report.
The report showed that many SMEs were paying significantly higher rates than the benchmark rate to access loans from the banks.
The APR reflects the total cost of a loan, including interest and other charges.
The report said the lowest APR for a one-year SME loan was 11.03 per cent, offered by Standard Chartered Bank Ghana Limited, while the highest was 33.58 per cent, charged by Guaranty Trust Bank (Ghana) Limited.
For a three-year SME loan, APRs ranged from 13.34 per cent at Stanbic Bank Ghana Limited to 31.09 per cent at Universal Merchant Bank Limited.
The report also showed that a five-year SME loan attracted APRs of between 13.97 per cent at Ecobank Ghana Limited and 25.07 per cent at Agricultural Development Bank Limited.
Business operators have often complained that high lending rates make it difficult for them to expand their operations, purchase equipment and create new jobs.
SMEs are widely regarded as the backbone of Ghana’s economy.
Government and industry estimates show the sector accounts for about 92 per cent of businesses in the country and contributes nearly 70 per cent of Gross Domestic Product (GDP).
The Bank of Ghana (BOG) noted that differences in lending rates among banks were influenced by factors such as risk assessment and other charges applied to loans.
The report further indicated that the average APR across all loan categories stood at 17.64 per cent, well above the Ghana Reference Rate of 10.03 per cent.
The BoG publishes the APR report every month to promote transparency in lending and help borrowers compare loan costs across banks before making decisions.
Source: GNA
