Stanbic Bank leads with highest interest of 44.24% for SME loans as GCB offers lowest rate of 29.58%

Stanbic Bank Ghana leads in lending to SMEs with a high Annualized Percentage Rate (APR) of 44.24%, as reported by the Bank of Ghana's 2024 APR report. Fidelity Bank and Consolidated Bank Ghana follow with APRs of 41.60% and 39.30%.

In contrast, GCB Bank, Access Bank, and Universal Merchant Bank offer more competitive rates of 29.58%, 30.74%, and 31.18%, respectively.

APRs represent the true borrowing cost, factoring in the Ghana Reference Rate and additional fees, providing SMEs with a key benchmark when assessing financing options for business growth.