RATES-GH-20260930On 24 September 2026 the Bank of Ghana held its policy rate at 14.0% for the third meeting in a row. The Ghana Reference Rate, the base banks add their margin to when they price a loan, has been 10.18% since 2 September. The 91-day Treasury bill paid 4.68% at the 28 September issue, below August inflation of 5.0%. Borrowers still pay far more than these benchmarks: the average bank lending rate was 15.9% in August, down from 24.2% a year earlier. Savers get 4.10% on an average savings account and 8.68% on a 3-month time deposit. The 364-day bill, at 9.83%, beats both.
Ghana's interest rates in one table
| Rate | Level | Date |
|---|---|---|
| Bank of Ghana Monetary Policy Rate | 14.0% | held on 24 Sept 2026; next decision 18 Nov 2026 |
| Ghana Reference Rate | 10.18% | effective 2 Sept 2026 |
| Headline inflation | 5.0% | August 2026 (4.6% in July) |
| 91-day Treasury bill | 4.68% | issue of 28 Sept 2026 |
| 182-day Treasury bill | 6.37% | issue of 28 Sept 2026 |
| 364-day Treasury bill | 9.83% | issue of 28 Sept 2026 |
| Average savings deposit rate | 4.10% | August 2026 |
| Average 3-month / 6-month time deposit | 8.68% / 9.72% | August 2026 |
| Average bank lending rate | 15.9% | August 2026 (24.2% a year earlier) |
The Treasury bill rates are interest-equivalent yields from the Bank of Ghana's rate table. The deposit and lending averages come from the Bank of Ghana's summary of economic and financial data for August. Note what the chart shows: the policy rate sits above both the reference rate and every Treasury bill, because short-term bill yields have fallen much faster than the policy rate since the start of the year.
The Ghana Reference Rate in 2026
| Month | GRR |
|---|---|
| January | 15.68% |
| February | 14.58% |
| March | 11.71% |
| April | 10.06% |
| May | 10.03% |
| June | 10.02% |
| July | 10.59% |
| August | 10.61% |
| September (from 2 Sept) | 10.18% |
The Ghana Association of Banks publishes the GRR monthly with the Bank of Ghana, and each rate stays in force for at least 30 working days. It is a weighted average of three inputs: the policy rate, the 91-day bill rate (grossed up for reserve costs) and the interbank rate. The September fall came mostly from the Treasury bill component, which dropped to 4.89% from 5.79%, while the interbank rate eased to 10.20%. For a borrower, the reference rate is only the starting point. Your quote is the GRR plus the bank's margin, and the margin is the part that differs between banks and is worth negotiating.
If you are already behind, the numbers are not on your side. The average bank lending rate was 15.9% in August 2026 and the bad-loan ratio was 15.7%, down from 20.8% a year earlier, according to the central bank release of 24 September 2026.
That means lenders are carrying a lot of damaged paper and are quick to reprice anyone who looks risky. Taking a new loan to clear an old one at that average rate usually makes the total worse, because the new facility carries fresh fees and a higher margin.
If I were behind, I would stop shopping for another loan and put the whole conversation in writing instead, because a written repayment plan costs nothing and a new facility costs plenty. Only refinance if the new rate is genuinely below what you already pay.
Which banks lend cheapest
The Bank of Ghana publishes each bank's annual percentage rates. The latest detailed release, for May 2026, showed how wide the range is:
| Loan type | Lowest APR | Highest APR |
|---|---|---|
| Household, 5 years | 5.03% (OmniBSIC Bank) | up to 39.00% for household credit |
| Household, 3 years | 11.59% (Stanbic Bank) | |
| Household, 1 year | 11.62% (Standard Chartered) | |
| SME, 1 year | 11.03% (Standard Chartered) | up to 33.58% |
| Corporate, 1 year | 7.62% (Absa) | up to 35.52% |
| All categories | average 17.64% | maximum 39.27% |
The lowest household rates typically go to salaried customers whose employer has an arrangement with the bank, so they are not open to everyone. What the table does prove is that a quote of 30% or more is not the market rate. If you are offered one, ask the bank for its margin over the GRR and compare it with another lender. Our overview of personal loans in Ghana lists what banks require, and the loan calculator shows what a given rate means for your monthly payment.
Why loans stay expensive while bill rates fall
The 91-day bill has fallen from 10.3% to about 5% in a year, yet the average lending rate is still 15.9%. Part of the reason is credit risk: the banking sector's bad-loan ratio improved to 15.7% in August from 20.8% a year earlier, but that still means banks expect to lose around GH¢16 of every GH¢100 lent. Old loans and fixed deposits booked at higher rates also keep the average up. The Bank of Ghana itself has said that policy changes do not pass through to retail loans automatically, and studies of Ghana find the full effect takes 12 to 18 months. Credit is growing fast regardless: private sector credit rose 35.5% in the year to August.
For savers: bills beat most bank deposits
With inflation at 5.0%, a 91-day bill at 4.68% or an average savings account at 4.10% loses value in real terms. The 364-day bill at 9.83% is ahead of the average 6-month time deposit at 9.72% and well ahead of inflation. Interest on Government of Ghana Treasury bills is tax-exempt for resident individuals, and you can buy them through a bank or licensed dealer, which holds them in your Central Securities Depository account. Headline inflation is expected to move back into the 6–10% target band over the next few quarters, so a real return that looks comfortable today can narrow. Current bank offers for savers are compared in the guides to fixed deposit rates and the best savings accounts.
Four steps to take in order if you are behind:
- Write down every outstanding balance, rate and due date on one page.
- Ask the lender for a written repayment schedule in your own name.
- Compare any refinance offer against your current rate before signing.
- Keep every confirmation message and payment receipt in one folder.