Buying a home in Ghana is a major milestone, whether you are a resident, an investor, or part of the diaspora planning to own property back home. One of the most common ways to finance a home purchase is through a mortgage. However, Ghana’s mortgage market works very differently from what many people are used to in the US, UK, or Europe.
In this comprehensive guide, we break down mortgages in Ghana, covering the top banks, current interest rate ranges, eligibility requirements, and key tips to help you make the right decision.
What Is a Mortgage in Ghana?
A mortgage in Ghana is a long-term loan provided by a bank or financial institution to help individuals purchase or build residential or commercial property. The property itself is used as collateral, meaning the bank can repossess it if repayments are not made.
Mortgages in Ghana are typically offered in Ghana Cedis (GHS) or foreign currencies such as US Dollars (USD), especially for non-residents and diaspora borrowers.
Major Banks Offering Mortgages in Ghana
Below are some of the most popular and reliable banks providing mortgage financing in Ghana:
1. Stanbic Bank Ghana
Stanbic is one of the leading mortgage providers in Ghana, offering home loans to residents, non-residents, and Ghanaians in the diaspora.
- Mortgage tenure: Up to 20 years
- Currency options: GHS and USD
- Website: https://www.stanbicbank.com.gh
2. Ecobank Ghana
Ecobank provides competitive mortgage products and is well known for serving diaspora clients.
- Mortgage tenure: Up to 20 years
- Accepts foreign income
- Website: https://ecobank.com/gh
3. Standard Chartered Bank Ghana
Standard Chartered focuses on salaried professionals and high-income earners.
- Mortgage tenure: Up to 15–20 years
- Strong customer support for expatriates
- Website: https://www.sc.com/gh
4. Fidelity Bank Ghana
Fidelity Bank offers flexible mortgage solutions for first-time homebuyers.
- Mortgage tenure: Up to 20 years
- Competitive down payment terms
- Website: https://www.myfidelitybank.net
5. Republic Bank Ghana
Republic Bank is a popular choice for both locals and diaspora clients.
- Mortgage tenure: Up to 25 years (in some cases)
- USD and GHS mortgages available
- Website: https://www.republicghana.com
Mortgage Interest Rates in Ghana (2025)
Mortgage interest rates in Ghana are generally higher than in developed markets due to inflation, currency risk, and the cost of funds.
Typical Interest Rate Ranges
- GHS mortgages: 22% – 35% per annum
- USD mortgages: 10% – 14% per annum
Rates vary depending on:
- Loan currency
- Applicant’s income stability
- Credit history
- Loan tenure
- Central bank monetary policy
Tip: USD mortgages usually have lower interest rates but expose borrowers to exchange rate risk if income is earned in GHS.
Mortgage Requirements in Ghana
While each bank has its own policies, most mortgage applications in Ghana require the following:
1. Proof of Income
- Recent payslips (3–6 months)
- Bank statements
- Employment contract or business registration documents
Diaspora applicants may submit foreign payslips and overseas bank statements.
2. Down Payment (Equity Contribution)
- Typically 20% – 40% of the property value
- Higher down payments reduce interest burden and approval risk
3. Valid Identification
- Ghana Card or Passport
- Residence permit (for foreigners)
4. Property Documents
- Land Title Certificate or Deed
- Building Permit
- Site plan
- Valuation report from a bank-approved valuer
5. Credit Assessment
Banks assess:
- Debt-to-income ratio
- Employment stability
- Repayment capacity
Unlike some countries, Ghana does not yet have a highly centralized consumer credit system, so banks rely heavily on income verification.
Mortgage Tenure in Ghana
Mortgage tenures typically range from:
- 10 to 25 years, depending on age and income
Most banks require borrowers to fully repay the mortgage before retirement age, usually between 55 and 60 years.
Mortgages for Ghanaians in the Diaspora
Many banks actively target diaspora clients because of their stable foreign income. Benefits include:
- USD-denominated mortgages
- Easier qualification with overseas employment
- Ability to manage accounts remotely
However, diaspora mortgages may require:
- Higher minimum income
- Additional legal documentation
- Power of attorney for property transactions
Key Challenges of Mortgages in Ghana
Before applying, be aware of these common challenges:
- High interest rates
- Currency fluctuation risks
- Lengthy property documentation verification
- Limited availability of long-term fixed-rate mortgages
Tips for Getting the Best Mortgage Deal in Ghana
- Compare multiple banks before committing
- Choose the right loan currency based on your income
- Save for a higher down payment
- Verify land ownership thoroughly
- Work with a qualified real estate lawyer
Final Thoughts
Mortgages in Ghana are a powerful tool for homeownership, but they require careful planning. With high interest rates and strict documentation requirements, doing your homework is essential. Whether you are a resident or part of the Ghanaian diaspora, understanding the banks, rates, and requirements will help you avoid costly mistakes and secure the best possible deal.
If you are planning to buy property in Ghana, start early, compare options, and always seek professional legal advice.
