Annual Percentage Rates, Average Interest paid on deposits – BoG

The Central Bank has released its latest data on Annual Percentage Rates (APR) of interest charged on loans and credit advances and the Average Interest (AI) paid on deposits by banks.

The data is based on figures available as at February 8, 2017, the Bank said in a release Monday.

The data reveals that the industry average base rate as at February 28, 2017, was 26.9 percent, a drop of 0.7 percent from the 27.6 percent recorded for the month of January.

The average deposit rate dropped from 11.9 percent as at January 31, 2017, to 11.6 percent during the reporting period.

In all, the list covers 31 banks.

The APR is the true interest rate banks and non-bank financial institutions charge the public on loans and advances. It reflects the true cost of borrowing and includes charges and commissions levied by banks.

Average interest paid on deposits is the average interest paid by banks on deposits over the period. Base rate reflects the minimum interest rate that can be charged on loans and advances.

The publication of these rates is to promote transparency in the pricing and provision of banking services.

Bank of Ghana aims to promote accountability of its decision making and build understanding of the monetary policy formulation process among stakeholders through the publication of these documents.