Bank of Ghana

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 (AI) paid on deposits by banks.

The rates contained in a press release on Tuesday, December 19 and copied to Newsghana.com.gh, are based on figures available as at November 30, 2017.

The data indicates that, the industry average base rate as at November 30 was 25.7%, same as that of October 31.

This figure, however, represents a marginal decrease of 0.3%, when compared with end –September figure of 26%. At the start of the year (end-January), the industry average base rate was 27.6%, giving a year-to-date (end- November) drop of 1.9%.

The average deposit rate as at November 30 was 10.2%, representing a drop of 0.2%, compared with end-October figure of 10.4%. The average deposit rate had remained the same for both September and October.

Computed on a year-to-date basis, the end-November figure represents a decrease of 1.7%. At the start of the year (end-January), the average deposit rate was 11.9%.

Read The Original Release Below

ANNUAL PERCENTAGE RATES (APR) AND AVERAGE INTEREST (AI) PAID ON DEPOSITS AS AT 30TH NOVEMBER, 2017

Accra, Ghana, December 19, 2017- The Bank of Ghana has, today, 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 is based on figures available as at 30th November, 2017.

The data reveals that the industry average base rate as at November 30 was 25.7 per cent, same as that of October 31. This figure, however, represents a marginal decrease of 0.3 per cent, when compared with end –September figure of 26 per cent.

At the start of the year (end-January), the industry average base rate was 27.6 per cent, giving a year-to-date (end- November) drop of 1.9 per cent.
The average deposit rate as at November 30 was 10.2 per cent, representing a drop of 0.2 per cent, compared with end-October figure of 10.4 per cent. The average deposit rate had remained the same for both September and October.
Computed on a year-to-date basis, the end-November figure represents a decrease of 1.7 per cent. At the start of the year (end-January), the average deposit rate was 11.9 per cent.

In all, the list covers 31 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.

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. You can download the report here

By:Newsghana.com.gh

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