Data published by the Bank of Ghana (BoG) shows that the industry average base rate of commercial banks has dropped to 24.5 per cent as of February 28, 2018.
This represents a drop of 1.1 per cent, when compared to the average rate at end-January 2018.
On a year-on-year basis, the end-February 2018 figure represents a drop of 2.4 per cent when compared to the same period last year.
The average base rate at the end of December 2017 was 25.7 per centon
On the deposit front, the average deposit rate at the end of February 2018 was 10.1 per cent, representing a drop of 0.3 per cent, compared to the rate recorded for end-January 2018.
Compared to the end-February 2017 rate of 11.6 per cent, the end-February 2018 figure represents a drop of 1.5 per cent.
The average deposit rate was 10.4 per cent at the end of December 2017.