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    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

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

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    BoG must be innovative in dealing with rise in PPI – AGI

    Government partners private companies to mine abandoned iron ore in Oti Region

    Cedi depreciation pushes Ghana’s debt to over GH¢390 bn in April; 78% of GDP

    Manufacture of petroleum products push PPI to 31.2% in April

    Togbe Afede XIV urges BoG to introduce measures to deal with rising inflation

    SEC and West Africa Securities Regulators Association to hold 2nd edition of WACMaC

    GEA/Mastercard Foundation Young Africa Works supports 3,000 Beneficiaries with Start-up Kits

    Akufo-Addo worried over impact of fertiliser shortage on poultry industry

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

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    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    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

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    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

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    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

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

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91-day bill yield falls to 16.4%

bycitibusinessnews
December 27, 2016
in Banking And Finance, Government, Top Stories
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The yield on the Bank of Ghana’s weekly 91-day bill fell to 16.4281 percent at an auction on Friday December 23, from 16.6759 percent at the last sale on Dec. 16, a report by Reuters has said.

The bank  accepted 691.07 million cedis ($160.9 million) worth of bids of the 713.43 million cedis tendered for the 91-day paper, which was issued on Dec. 26.

APR of interest at 28%

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Already, the Bank of Ghana has released its  latest data on Annual Percentage Rates (APR) of interest charged on loans and credit advances and the Average Interest (DI) paid on deposits by banks.

The data is based on figures available as at 30th November, 2016.

According to the data, the industry average base rate as at November 30, 2016, was 28 percent, the same as the average at the end of October, 2016.

However, the average deposit rate inched up, with the data showing an average of 11.7 percent as at the end of November 2016, compared with 11.5 percent at the end of the previous month. In all, the list covers 30 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.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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