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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    BoG Governor confident inflation has peaked; expects rate to start declining

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    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

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    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

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    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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Capital Bank offers highest interests on deposits – BoG

bycitibusinessnews
August 22, 2016
in Banking And Finance, Local Economy, Top Stories
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Many of the banks usually brag about their interest on deposits compared to their peers.

But the Bank of Ghana (BoG) has released new figures showing exactly how much you earn on your deposits, depending on where you bank.

According to the BoG, new entrants Capital Bank offers the highest interest of 18 percent, on customer deposits as at the end of May this year.

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Also, Unibank offered the highest base rate of 40.8 percent, on loans and advances it issues to customers.

These were contained in the central bank’s report on the financial institutions’ Annual Percentage Rates [APR] and Average Interests [AI] publication.

The publication which is a compilation of all charges and interests offered by the 29 commercial banks, is to inform the public and promote transparency in the pricing and provision of banking services.

With 18 percent, Capital bank offered the highest average interest on deposits, compared with an industry average of 12.3 percent.

According to the central bank’s figures, 17 banks offered interests above the industry average.

Standard Chartered Bank’s 4.3 percent is however the least customers will receive as interest on deposits.

For the minimum interest rate that you will have to pay on loans and advances, 16 banks offer rates equal to or above the industry average of 27.5 percent.

While Bank of Baroda offers the least base rate at 16 percent, Unibank offers the highest at 40.8 percent.

Meanwhile, for the true interest charged on loans and advances to households for mortgage purposes, (which also include charges and commissions levied by banks); GN Bank offers the least at 15.1 percent; below an industry average of 30.6 percent.

12 out of the 29 banks offer interests equal to, or above the average.

Again, Unibank offers the highest interest rate on mortgage between 40.8 to 45.8%.

Also, enterprises in the agric sector seeking loans for their businesses, pay an average of 31.3 percent on loans.

Again, Bank of Baroda offers the least rate at 21 percent, while Unibank offers the highest rate between 40.8 to 45.8%.

In addition, enterprises in the manufacturing sector that apply for loans from commercial banks pay an average of 32.8 percent which is being offered by 14 banks.

Yet, Bank of Baroda offers the least rate at 21 percent while Unibank’s rate for manufacturers ranges between 40.8 to 45.8 %.

Meanwhile data on a total of 18 banks were unavailable under all three categories mentioned above.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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