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Tag Archives: APR

Average interest rate on deposits stays at 10.4%

bank of ghana

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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Interest rates on deposits remain at 10.4 %

bog microfinance

The average interest rate among commercial banks remained unchanged at 10.4 percent in October 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, Bank of Africa and Bank of Baroda offer the highest interest rates on customer deposits at 16.1 percent. At the second position is Omni Bank with 14.7 percent interest rate. Following ...

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Average interest on deposits drops marginally in June – BoG report                                            

bog microfinance

The average interest offered by banks on customer deposits dropped by 2.67 percent between May and June 2017. According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana, the figure declined from 11.2 to 10.9 percent within the one month period. Although its rate has dropped marginally, Omnibank still offers the highest interest ...

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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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Average interest on banks’ deposits drops to 11.2 %

banking hall

The average interest offered by banks on customer deposits dropped marginally between April and May this year. According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG, the figure declined from 11.3 percent as at the end of April 2017 to 11.2 percent as at end of May. Out of the thirty-one banks surveyed ...

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Unibank offers most expensive interest on car loans – BoG report

cars

The latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana has shown that Unibank still leads as the bank with the most expensive rate on vehicle loans. For three consecutive times, Unibank’s rate on your car loan has hit 45.5 percent from the 40.8 to 45.8 percent as at August last year. The rate ...

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Stanchart offers lowest interest on customers’ deposits – BoG report

stanchart

Standard Chartered Bank has been named as the bank with the lowest interest on customer deposits. According to the Bank of Ghana’s latest Annual Percentage Rates (APR) and Average Interest (AI) report, Standard Chartered Bank offered 4.3 percent on deposits of its customers as at end of January 2017. The report which contained the rates offered by thirty-one banks however ...

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