Agriculture average interest rate hits 31.0 percent in September- BoG report

Average interest rate on agricultural loans by banks has reached 31.00 percent as at September 2017 . This is according to the Bank of Ghana’s Annual Percentage Rate and Average Interest report.

The report also shows that National Investment Bank offers the highest agric loans at 37.2 percent.

But Bank of Baroda and Standard Chartered Bank offer the lowest rate of between 22-28 percent and 22-34 percent respectively.

The report which is to ensure transparency in the pricing and provision of banking services, stated that National Investment Bank which tops with interest rate is followed by HFC Bank, Premium Bank and Royal Bank with agric loan rates at 36.7 precent, 36.2-41.5 percent and 35.5-40.5 percent respectively.

Others banks offering rate beyond 30 percent are First Atlantic Bank ( 35.3 percent), Omnibank (34.4 percent), and Prudential Bank (33.3 percent) and UBA (32.9 percent)

The rest are UBA, Fidelity Bank, and Access Bank with rates of 32.9 percent, 32.7 percent and 30 percent respectively.