The 's September 2024 Annualised Percentage Rates (APR) report shows that some banks are offering significantly lower borrowing costs for households than others.
The figures cover one-year household loans and include all fees and charges. • Bank of Africa Ghana Limited - 24.82% Bank of Africa recorded the lowest APR, making it the most affordable option for household borrowers. • Societe Generale Ghana PLC - 31.96% Ranked second with a competitive rate of 31.96%. • Consolidated Bank Ghana Limited - 31.99% Followed closely in third place at 31.99%. • Republic Bank Ghana PLC - 32.43% Maintained a strong position among low-rate lenders at 32.43%. • Stanbic Bank Ghana Limited - 33.83% Offered a rate of 33.83%, placing it in the top five. • FBNBank Ghana Limited - 33.91% Provided another competitive option with a rate of 33.91%. • Absa Bank Ghana Limited - 34.01% Rounded off the list with an APR of 34.01%.
The report highlights the significant differences in borrowing costs across banks, underlining the importance for consumers to compare rates before taking household loans.
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