The Bank of Ghana (BoG) has released its latest data on Annual Percentage Rates (APR) of interest charged on loans and credit advances and the Average Interest (DI) paid on deposits by the banks operating in the country.
The data is based on figures available as at 31st October, 2016.
According to the data, the industry average base rate as at October 31, 2016, was 28 percent, with the average deposit rate at 11.5 percent. In all, the list covers 30 banks.
The APR is the true interest rate banks and non-bank financial institutions charge the public on loans and advances. It reflects the true cost of borrowing and includes charges and commissions levied by banks.
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 publication of these rates is to promote transparency in the pricing and provision of banking services.
The Bank of Ghana aims to promote accountability of its decision making and build understanding of the monetary policy formulation process among stakeholders through the publication of these documents.
Click here for the rates Banks APR and AI on deposits – Oct. 2016 (1)
African Eye Report