Tag: Average interest rates
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Stakeholders question impact of high interest rates on local businesses
Industry stakeholders have questioned the ability of Ghanaian businesses to remain competitive in the era of the African Continental Free Trade Area, following the maintenance of the Monetary Policy Rate by the Bank of Ghana for the 4th consecutive time at 14.5 percent. The reduction in the rate, which determines the percentage at which the…
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High interest rates stifling economic growth – Akufo-Addo
President Akufo-Addo has admitted that high interest rates charged by banks remains a major stumbling block to economic growth in the country. He says Ghanaian businesses can only become competitive in the sub-region and beyond if interest rates drop significantly. The latest Annual Percentage Rate (APR) report from the Bank of Ghana indicates that banks…
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Interest rates on auto loans rise to 32.9%
The average interest rate for vehicle loans among commercial banks for August increased to 32.9 percent as against the 31.1 percent recorded in July 2017, the Bank of Ghana’s latest Annual Percentage Rates (APR) and Average Interest (AI) report has revealed. The APR and AI report shows that Unibank still offers the highest rate on…