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Average lending rate falls sharply to 16.33% in April 2026
May 20, 2026
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Average lending rate falls sharply to 16.33% in April 2026

Money
Policy
Opportunity
Growth

Key Points

  • Average lending rates in Ghana have fallen by over 4 percentage points since January 2026, reaching 16.33% in April 2026.
  • The Ghana Reference Rate also significantly decreased from 15.68% in January 2026 to 10.06% in April 2026.
  • This reduction is due to the Bank of Ghana's policy rate cuts, including a 150 basis point slash to 14% in March 2026.
  • The Bank of Ghana cited sustained improvements in macroeconomic conditions for easing its previously tight monetary policy.
  • Lending rates still vary significantly among banks, from rates equivalent to the Ghana Reference Rate to as high as 39%, based on customer risk profiles.

Why This Matters

Lower lending rates are vital for Ghana's economic health, as they make credit more accessible and affordable for businesses and individuals, stimulating investment and consumption. This easing of monetary policy signals growing macroeconomic stability, which can attract both domestic and foreign investment, thereby fostering broader economic growth.

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