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Interest on Loans BoG releases data on APR and AI on deposits

According to the data, the industry average base rate as at January 31, 2017, was 27.6 percent, a marginal drop from the 28 percent recorded in November 2016, when the data was last compiled.

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The Bank of Ghana has released its latest data on Annual Percentage Rates (APR) of interest charged on loans and credit advances and the Average Interest (AI) paid on deposits by banks.

The data which was released on Monday, February 20, 2017, is based on figures available as at 31st January 2017.

According to the data, the industry average base rate as at January 31, 2017, was 27.6 percent, a marginal drop from the 28 percent recorded in November 2016, when the data was last compiled.

READ ALSO: Number of Banks to increase

The average deposit rate is currently 11.9 percent. This is a 0.2 percent increase, compared to the figure recorded in November 2016.

In all, the list covers 31 banks.

The governor of the Bank of Ghana (BoG) Dr Abdul Nashiru Issahaku play

The governor of the Bank of Ghana (BoG) Dr Abdul Nashiru Issahaku

 

The Annual Percentage Rate (APR) is the amount of interest on total loans and advances that one is expected to pay annually A lower APR translates to lower monthly payments.

READ ALSO: New banks must take opportunity of the unbanked population - Prof Botchwey

It reflects the true cost of borrowing and includes charges and commissions levied by banks.

The average interest paid on deposits is the average interest paid by banks on deposits over the period. Base rate reflects the minimum interest rate that can be charged on loans and advances.

The Bank of Ghana publishes these rates to ensure transparency in the pricing and provision of banking services.

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