Tag: interest rates
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Bank of Ghana raises Monetary Policy Rate to 14.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 100 basis points to 14.5% percent. This is the first time the Central Bank has increased the key rate since May this year, after being maintained at 13.5% for two consecutive times. The rate, which is of keen…
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Sub-20% interest rates needed for businesses to be competitive – GUTA
President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng says until interest rates on loans drop below the 20 percent mark, the recent reduction in the monetary policy rate will not make much difference. The Monetary Policy Committee (MPC) of the Bank of Ghana, for the first time since March 2020, reduced…
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GUTA accuses banks of maintaining high interest rates despite drops in policy rate
The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng is accusing banks in the country of running a cartel arrangement that keeps interest rates high despite reductions in the monetary policy rate. According to him, the lack of responsiveness of banks, when it comes to reacting to changes in the policy…
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Policy rate may not change anytime soon – Economist
The monetary policy rate has once again been maintained at 14.5% by the Monetary Policy Committee of Bank of Ghana. This marks the 6th time in the past 12 months that the figure which signals the rate at which the Central Bank will lend to commercial banks has been maintained. In the statement issued by…
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High interest rates collapsing indigenous businesses – Togbe Afede XIV
The President of the National House of Chiefs, Togbe Afede XIV, is blaming the collapse of indigenous companies on Ghana’s interest rates which have over the years, remained very high. According to him, the high rates prevent Ghanaian companies from borrowing from the banks, which means they are not able to invest in their business…
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Low interest rates will empower local banks to fund cocoa purchasing – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said reduced domestic interest rates will empower local banks to participate in the cocoa syndicated loan. COCOBOD is seeking to raise 1.3 billion dollars to finance the 2020/2021 crop season. But some financial analysts have maintained that the funds used in purchasing cocoa beans…
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Banks to readjust interest rates to reflect drop in policy rate
Some commercial banks operating in the country say they are yet to finalize processes to determine the level of readjustment of their interest rates to reflect the drop in the policy rate. The Monetary Policy Committee of the Bank of Ghana earlier this month reduced the rate at which it lends to commercial banks by…
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Banks’ fees on retail loans hit 7.75% aside from interest charge – BoG survey
A survey by the Bank of Ghana has shown that for the last quarter of 2019, a retail loan could attract as much as 7.75 percent in fees in addition to the interest to be paid on the loan. A retail loan is given to an individual by a commercial bank, a credit union, or…
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Average interest rate on deposits stays at 10.4%
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…
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![Are bank customers in Ghana well informed about cost of credit? [Article]](https://citibusinessnews.com/wp-content/uploads/2016/05/bog-1.jpg)
Are bank customers in Ghana well informed about cost of credit? [Article]
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…