Bank of Africa, Absa offer lowest interest rates on loans to households -BoG

By the end of September 2024, the Bank of Africa and Absa Bank offered the lowest interest rates for household loans, according to the Bank of Ghana's Annualized Percentage Rates (APRs).

Bank of Africa provided a 24.18% average rate, lower than its advertised 29.31%, with some loans going as low as 16%. Absa Bank offered the best long-term rates for five-year loans at 24.81%.

The APR includes all fees such as commitment, processing, and insurance, revealing the true cost of borrowing, which the Bank of Ghana publishes to reduce credit costs.