[ 2016-11-02 ]

Banks’ average base rate increases to 27.8%
The latest Annual Percentage Rates (APR) and
Average Interests (AI) on deposits report released
by the Bank of Ghana shows that the average
minimum interest rates that can be charged on
loans and advances by commercial banks in the
country has increased marginally between May and
September this year.

The figure increased from 27.5 percent to 27.8
percent during the period.

According to the report, Bank of Baroda offers the
lowest base rate on your loans while Unibank
offers the highest base rate on your loans you
take from the bank.

If you take a loan from Bank of Baroda, you will
be required to pay a minimum interest of 15.3
percent. Standard Chartered Bank is next with its
interest on loans at 18.6 percent.

GCB Bank comes third with 20.8 percent.

Barclays Bank, Societe General, Stanbic bank and
Zenith Bank follow as fourth, fifth, sixth and
seventh in that order with base rates pegged at
21.9, 22.3, 22.7 and 24.4 percent respectively.

Also, ADB’s base rate of 24.7 percent places it
at 8th position while FBN Ghana and GT Bank occupy
the 9th and 10th positions with minimum interest
on loans at 25.5 and 25.6 percent respectively.

In addition, Ecobank, First Atlantic bank and
Fidelity Bank ranked 11th, 12th and 13th
respectively.

Their minimum interest rates on loans are 26, 26.5
and 27.4 percent respectively.

At the 14th position is Bank of Africa with 27.6
percent while Sovereign Bank occupies the 15th
position with 27.8 percent.

Meanwhile loans and advances from First National
Bank, Energy Bank and Cal Bank attract minimum
interests of 28.3, 28.4 and 28.6 percent
respectively representing 16th, 17th and 18th
positions.

National Investment Bank offers 29.4, HFC Bank
30.1percent and GN Bank 30.2 percent to take the
19th, 20th and 21st positions in that order.

However, indigenous bank, Unibank, is offering the
highest interest on loans. You will need to cough
up as much as 45.1 percent.

It is preceded by the Royal bank, Sahel Sahara
Bank, Capital Bank, UT Bank and Prudential Bank
Limited. Their rates are 38.6 percent, 34.9, 33.9,
32.1 and 30.4 percent.

Source - citibsinessnews.com

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