Banks’ average base rate drops to 26.9 percent

Berlinda Entsie 13:25 - 14 March 2017

___6368124___https:______static.pulse.com.gh___webservice___escenic___binary___6368124___2017___3___14___14___Banks-in-Ghana

The Central Bank has released its latest data on Annual Percentage Rates of interest charged on loans and credit advances and the Average Interest paid on deposits by banks. Unibank topped the list as the Bank with the high interest rate on loans.

The latest Annual Percentage Rates (APR) and Average Interests (AI) on deposits report released by the Bank of Ghana show that the average minimum interest rates that can be charged on loans and advances by commercial banks in the country has increased marginally between January and February.

The data is based on figures available as at 28th February, 2017.

It reveals that the industry average base rate as at February 28, 2017, was 26.9 per cent, a drop of 0.7 percent from the 27.6 percent recorded for the month of January.

The average deposit rate dropped from 11.9 percent as at January 31, 2017 to 11.6 percent during the reporting period.

In all, the list covers 31 banks

According to the report, Bank of Baroda offers the lowest base rate on loans while Unibank offers the highest base rate on loans.

If you take a loan from Bank of Baroda, you will be required to pay a minimum interest of 16.9 percent while Unibank requires you to pay 42.1 percent.

Below is the full Report.