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Tag Archives: interest rates

Average interest rate on deposits stays at 10.4%

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The average interest rate on customer deposits among commercial banks, remained unchanged at 10.4 percent in December 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, of the thirty-one banks that were surveyed, Bank of Africa offers the highest interest rates on customer deposits at 16.1 percent. Standard Chartered Bank still offers the lowest interest ...

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Are bank customers in Ghana well informed about cost of credit? [Article]

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In a series of articles, I will be sharing my views on how to educate bank customers in Ghana about the cost of credit in Ghana; ways banks can reduce non-performing loans, increase customer experience and proposals to reduce the cost of credit. These series of articles will be captured in six different articles as summarized below: Educate customers about ...

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Banks’ lending rates drop marginally

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Citi Business News’ checks have revealed that the Annual Percentage Rates and Average Interest Rates recorded in October have dropped marginally as compared to that of September 2017. Between September and October this year, all but one of the nine categories of the Bank of Ghana’s Annual Percentage and Average Interest rate report, witnessed a marginal decline in interest rates. The ...

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Banks reduce interest rates on deposits

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Commercial banks have reduced their interest rates they offer on customer deposits. Latest figures released by the Bank of Ghana have shown that the average interest rate customers get on money deposited at banks reached 10.4 percent in September 2017. According to the Annual Percentage Rates (APR) and Average Interest (AI) report, the figure is down from the 10.8 percent ...

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Reducing interest rates: Economist hopeful of banks’ response

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Some economists are predicting that commercial banks across the country will soon reduce their interest rates. Figures from the Bank of Ghana (BoG) show that the 91 day Treasury bill is at 12.5 percent while that of 182 days is at 12.9 percent. Following the decline, there have been concerns over why interest rates on loans for instance are still ...

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Banks’ interest rates drop marginally – BoG report

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Interest rates of banks have seen marginal declines between April and May 2017. An assessment of the average interests charged by the commercial banks on loans and advances shows that the banks have generally reduced their interest rates. The interest rates on loans and advances have declined between 0.3 and 1.8 percent. According to the Bank of Ghana’s latest Average ...

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