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, are based on figures available as at November 30, 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.

Source: Ghana/ClassFMonline.com