Banking in Ghana Bank of Baroda and StanChart provide cheapest loans in Ghana

Standard Chartered Bank is reported as one of the supporters of agricultural, manufacturing and construction with an interest rate of 21%.

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Bank of Baroda has been adjudged the best bank for providing relatively cheaper loans to businesses and households, at an interest rate of 16 to 17%.

Standard Chartered Bank is reported as one of the supporters of agricultural, manufacturing and construction with an interest rate of 21%.

All these were contained in the latest Annual Percentage Rates released by the Bank of Ghana tracking the true rates charged by 29 commercial banks up until May 2016, including actual cost of borrowing, charges and commissions levied by banks which is often not available to the public . 

The Bank of Ghana’s APR report also touched on accessibility of car loans from banks operating in the country, and out of the 29 commercial banks in Ghana, Standard Chartered Bank and the Bank of Baroda were found to charge the lowest interests on car loans.

Standard Chartered Bank gave individuals who wanted to borrow for vehicles, mortgages and other consumer credits, an APR  between 21 to 29 percent. 

Bank of Baroda, the report said offered an APR of 21 percent for businesses and 21 percent for individuals.  

Capital Bank came on top when it comes to banks with the highest interest paid on deposits. According to the report, the Bank is offering 18 percent to depositors.  

The report shows that on the average, banks are paying 12.3 percent as interest on deposits and 30 to 32 percent as the true rates paid on loans. 

According to the Bank of Ghana, the regular publications of the rates will go a long way to drive down the cost of borrowing in the country.   

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