Interest Rate Here is how much banks in Ghana charge on agric loans

This is how much interest the 23 banks that offer agric loans in Ghana charge customers

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Average interest rate on agricultural loans by banks now sits at 32.7 percent as at the end of May 2017 that is according to the Bank of Ghana’s Annual Percentage Rate and Average Interest report has shown.

The report also shows that the HFC offers the highest interest of 39.5 on agric loans. But Bank of Baroda offers the lowest rate of between 22.0 - 28.0percent.

The report which is to ensure transparency in the pricing and provision of banking services, stated that the HFC which tops with interest rate on agric loans is followed by, OmniBank, First Atlantic Bank and NIB with agric loan rates at 38.4, 37.8 and 37.2 percent respectively.

READ ALSO: Reduce interest rates to align with policy rate - BoG tells Banks

At the 5th, 6th, 7th and 8th positions are Bank of Africa, Royal Bank, Fidelity and Prudential Bank.

Their rates on agric loans are 35.6, 35.5-40.5, 35.0 and 33.7 percent respectively.

Also, UT Bank, UBA and GCB Bank come in with 33.2, 32.9, 33.3 and 31.8 percent to occupy the 9th, 10th, 11th and 12th positions in that order.

In addition, FBN- Ghana offers agric loans at 31.7 percent to occupy the 13th slot.

They are followed by these banks.

play BoG Report