Banks’ average base rate increases to 27.8 percent

The latest Annual Percentage Rates (APR) and Average Interests (AI) on deposits report released by the Bank of Ghana shows that the average minimum interest rates that can be charged on loans and advances by commercial banks in the country has increased marginally between May and September this year.

The figure increased from 27.5 percent to 27.8 percent during the period.

According to the report, Bank of Baroda offers the lowest base rate on your loans while Unibank offers the highest base rate on your loans you take from the bank.

If you take a loan from Bank of Baroda, you will be required to pay a minimum interest of 15.3 percent. Standard Chartered Bank is next with its interest on loans at 18.6 percent.

GCB Bank comes third with 20.8 percent.

Barclays Bank, Societe General, Stanbic bank and Zenith Bank follow as fourth, fifth, sixth and seventh in that order with base rates pegged at 21.9, 22.3, 22.7 and 24.4 percent respectively.

Also, ADB’s base rate of 24.7 percent places it at 8th position while FBN Ghana and GT Bank occupy the 9th and 10th positions with minimum interest on loans at 25.5 and 25.6 percent respectively.

In addition, Ecobank, First Atlantic bank and Fidelity Bank ranked 11th, 12th and 13th respectively.

Their minimum interest rates on loans are 26, 26.5 and 27.4 percent respectively.

At the 14th position is Bank of Africa with 27.6 percent while Sovereign Bank occupies the 15th position with 27.8 percent.

Meanwhile loans and advances from First National Bank, Energy Bank and Cal Bank attract minimum interests of 28.3, 28.4 and 28.6 percent respectively representing 16th, 17th and 18th positions.

National Investment Bank offers 29.4, HFC Bank 30.1percent and GN Bank 30.2 percent to take the 19th, 20th and 21st positions in that order.

However, indigenous bank, Unibank, is offering the highest interest on loans. You will need to cough up as much as 45.1 percent.

It is preceded by the Royal bank, Sahel Sahara Bank, Capital Bank, UT Bank and Prudential Bank Limited. Their rates are 38.6 percent, 34.9, 33.9, 32.1 and 30.4 percent.