Ghana Commercial Bank has the lowest base rate on the market. The 22.75 per cent beats the previous lowest of less than 25 percent offered by SG-SSB.
The bank thus offers the cheapest loan, but there are some hidden charges that tend to increase what borrowers eventually pay as interest on their loans.
The reduction should come as some welcome news for institutions such as the Association of Ghana Industry which has consistently complained about the relatively high interest rates despite the consistent decline in the Central BankÃ¢â‚¬â„¢s policy rate over the past year or more.
Greater Accra Chairman Humphrey Ayim Darke tells Joy Business though the banks can do better, the move by GCB is commendable.