Republic Bank, UBA, & GCB Bank Provide the Cheapest One-Year Loans to Household Consumers – BoG


Republic Bank, UBA, and GCB Bank provided the cheapest loans for household consumers over a one-year period, according to the Bank of Ghana’s September 2021 Annual Percentage Rates (APR).

While GCB offered a one-year indicative rate of 22.50 percent to household customers, Republic Bank and UBA charged rates of 22.64 percent and 22.66 percent, respectively.

Bank of Africa, Stanbic, and CalBank PLC, on the other hand, had the highest credit costs of 29.84 percent, 29.97 percent, and 30.27 percent, respectively.

Republic Bank, UBA, and Zenith Bank offered the lowest lending rates to household consumers for terms of up to five years. They charged rates of 22.64 percent, 22.66 percent, and 22.76 percent.

CalBank, Bank of Africa, and First Atlantic Bank, on the other hand, offered the most expensive rates of 29.06 percent, 29.84 percent, and 33.0 percent, respectively.

In terms of loans to SME, First National Bank, UBA, and UMB offered the lowest lending rates of 19.52 percent, 19.96 percent, and 21.80 percent for a one-year tenor, respectively.

The most expensive rates are offered by First Atlantic Bank, Societe Generale, and CalBank. They charged rates of 28.95 percent, 29.50 percent, and 30.38 percent.

UBA, NIB, and Zenith Bank offered the lowest rates for facilities that travel for five years, at 19.96 percent, 22.44 percent, and 22.60 percent, respectively.

However, for the five-year tenor, Bank of Africa (28.47 percent) and Societe Generale (29.50 percent) charged the highest rates.

Societe Generale, Stanbic, and First National Bank provided the cheapest loans to corporate institutions with a one-year tenor. They charged 15.60%, 16.48%, and 18.71%, respectively.

Consolidated Bank Ghana (26.22 percent) and CalBank PLC (26.33 percent) charged the highest interest rates.

Ecobank Ghana (17.67 percent), Societe Generale (20.10 percent), and Agricultural Development Bank (20.25 percent) provided the lowest credit rates to corporate organizations over a five-year period.