interest rate on loans

Interest On Business Loans Hitting 50%, With No Bank Offering Rates Below 30%

Interest On Business Loans Hitting 50%, With No Bank Offering Rates Below 30%

The cost of credit to companies in Ghana remains elevated, with all banks in the country unable to offer corporate loans at rates below 30%. Firms seeking loans from banks are contending with rates as high as about 50%. This is compounded by the double whammy of the threats these high rates pose to the solvency of banks through high non-performing loans. Per the latest Bank of Ghana report (March 2024) on the annualized percentage rate for loans to corporates, it showed that no bank was lending to companies at rates less than 30%. Whether the loan was for a…
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