Business News of Monday, 22 August 2016
Standard Chartered Bank and Bank of Baroda has emerged as the best place for businesses and Householders to borrow.
That’s according to the latest Annual Percentage Rates (APR) and average interest paid on deposits report released by the Bank of Ghana (BoG).
The report tracks the true rates charged by 29 commercial banks up May 31 this year.
The APR also reflects actual cost of borrowing, including, charges, commissions levied, by banks which is often not available to the public .
According to the report, Standard Chartered Bank offered businesses in agriculture, manufacturing, commerce and construction an APR of 21percent to 29.8 percent.
The Bank also gave individuals who wanted to borrow for vehicles, mortgages and other consumer credits, an APR between 21 to 29 percent.
Bank of Baroda, the report said offered an APR of 21 percent for businesses and 21 percent for individuals.
Capital Bank came on top when it comes to banks with the highest interest paid on deposits. According to the report, the Bank is offering 18 percent to depositors.
The report shows that on the average, banks are paying 12.3 percent as interest on deposits and 30 to 32 percent as the true rates paid on loans.
According to the Bank of Ghana, the regular publications of the rates will go a long way to drive down the cost of borrowing in the country.