The Central Bank 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 is based on figures available as at February 8, 2017, the Bank said in a release Monday.
The data reveals that the industry average base rate as at February 28, 2017, was 26.9 percent, 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.
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.
Latest Stories
-
Shell wins landmark climate case against green groups in Dutch appeal
27 mins -
Oil and gas are a ‘gift of god’, says COP29 host
35 mins -
Archbishop of Canterbury resigns over Church abuse scandal
42 mins -
US airman Jack Teixeira sentenced to 15 years in prison
50 mins -
Build your life on honesty and integrity – BeLED For Christ Founder urges young people
53 mins -
Effective leadership is no longer a luxury but a necessity – Speaker Bagbin asserts
1 hour -
Ghana mobilised $800m through carbon credit trading – Akufo-Addo
1 hour -
’Visionary’ Mahama will work for you; vote for him – Joyce Bawah to electorates
1 hour -
What work did you do on Flower Pot Interchange before 2017? – Ofosu Nkansah asks NDC
1 hour -
Election 2024: UNESCO, AWMA urge stronger protection for women journalists
1 hour -
UNESCO, AWMA collaborate for inclusive and secure journalism in Ghana
2 hours -
Cholera outbreak: 16 dead, 115 infected in one month
2 hours -
Vacant seats controversy: Do we have a Majority in Parliament? – Murtala Mohammed asks
2 hours -
High Court should’ve handled vacant seats case, not Supreme Court – Justice Atuguba
3 hours -
Ghana’s Judiciary: A rotten system of corruption and betrayal of justice
3 hours