{"id":448344,"date":"2017-12-19T17:53:23","date_gmt":"2017-12-19T17:53:23","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/"},"modified":"2017-12-19T17:53:23","modified_gmt":"2017-12-19T17:53:23","slug":"interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/","title":{"rendered":"Interest rates witness marginal decline despite significant policy rate cut"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Tuesday, 19 December 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>Myjoyonline.com <\/p>\n<p>2017-12-19<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/12285981.295.jpg\" alt=\"Interest Rate19\" title=\"Interest Rate19\" width=\"295\" height=\"197\" \/><span class=\"image_caption\"><span>File photo<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125817929577\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125817929577\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/1513706003_187_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\"> Latest data from the Central Bank on interest rates showed that the cost of credit witnessed marginal decline from January to November this year.<\/p>\n<p>This is despite the significant reduction in the Bank of Ghana (BoG&#8217;s) policy rate by 550 basis points and most of the variables that influence the cost of credit in the country, like inflation rate and treasury bill rate.<\/p>\n<p>The data covered interest charged on loans and credit advances and the Average Interest paid on deposits by the 31 commercial banks reviewed.<\/p>\n<p>It revealed that the industry average base rate as at November 30 was 25.7 percent, same as that of October 31.<\/p>\n<p>This figure, however, represents a marginal decrease of 0.3 percent, when compared with end\u2013September figure of 26 percent.<\/p>\n<p>At the start of the year (end-January), the industry average base rate was 27.6 percent, giving a year-to-date (end-November) drop of 1.9 percent.<\/p>\n<p><b>Deposits<\/b><\/p>\n<p>The average deposit rate as at November 30 was 10.2 percent, representing a drop of 0.2 percent, compared with an end-October figure of 10.4 percent.<\/p>\n<p>The average deposit rate remained the same for both September and October. Computed on a year-to-date basis, the end-November figure represents a decrease of 1.7 percent.<\/p>\n<p>At the start of the year (end-January), the average deposit rate was 11.9 percent.<\/p>\n<p>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.<\/p>\n<p>The 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.<\/p>\n<p>The publication of these rates is to promote transparency in the pricing and provision of banking services according to the BoG.<\/p>\n<p>The Central Bank aims to promote accountability of its decision making and to build an understanding of the monetary policy formulation process among stakeholders through the publication of these documents.<\/p>\n<p><b>Best bank for businesses and individuals to secure credit<\/b><\/p>\n<p>Bank of Baroda has again emerged as the best place for businesses and individuals to secure credit.<\/p>\n<p>The Annual Percentage Rate and Average Interest data showed the bank offered an interest of 20 to 30 percent for those turned to the Bank for Agric, construction, manufacturing and commerce loan.<\/p>\n<p>Omni Bank also offered an interest of 14.7 percent, the highest on deposits over the past three months compared to the other 30 bank reviewed.<\/p>\n<p><!-- uploaded by: 62 updated by: 62 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Tuesday, 19 December 2017 Source: Myjoyonline.com 2017-12-19 File photo Latest data from the Central Bank on interest rates showed that the cost of credit witnessed marginal decline from January to November this year. This is despite the significant reduction in the Bank of Ghana (BoG&#8217;s) policy rate by 550 basis points and [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":448345,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-448344","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interest rates witness marginal decline despite significant policy rate cut - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Interest rates witness marginal decline despite significant policy rate cut - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Tuesday, 19 December 2017 Source: Myjoyonline.com 2017-12-19 File photo Latest data from the Central Bank on interest rates showed that the cost of credit witnessed marginal decline from January to November this year. This is despite the significant reduction in the Bank of Ghana (BoG&#8217;s) policy rate by 550 basis points and [&hellip;]\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Interest rates witness marginal decline despite significant policy rate cut\",\"datePublished\":\"2017-12-19T17:53:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/\"},\"wordCount\":420,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/\",\"name\":\"Interest rates witness marginal decline despite significant policy rate cut - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2017-12-19T17:53:23+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Interest rates witness marginal decline despite significant policy rate cut - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/","twitter_card":"summary_large_image","twitter_title":"Interest rates witness marginal decline despite significant policy rate cut - Ghanamma.com","twitter_description":"Business News of Tuesday, 19 December 2017 Source: Myjoyonline.com 2017-12-19 File photo Latest data from the Central Bank on interest rates showed that the cost of credit witnessed marginal decline from January to November this year. This is despite the significant reduction in the Bank of Ghana (BoG&#8217;s) policy rate by 550 basis points and [&hellip;]","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/"},"author":{"name":"","@id":""},"headline":"Interest rates witness marginal decline despite significant policy rate cut","datePublished":"2017-12-19T17:53:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/"},"wordCount":420,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/#primaryimage"},"thumbnailUrl":"","articleSection":["Local News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/","url":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/","name":"Interest rates witness marginal decline despite significant policy rate cut - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2017\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/#primaryimage"},"thumbnailUrl":"","datePublished":"2017-12-19T17:53:23+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2017\/12\/19\/interest-rates-witness-marginal-decline-despite-significant-policy-rate-cut\/#primaryimage","url":"","contentUrl":""},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2017\/#website","url":"https:\/\/www.ghanamma.com\/2017\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2017\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/posts\/448344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/comments?post=448344"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/posts\/448344\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/media?parent=448344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/categories?post=448344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2017\/wp-json\/wp\/v2\/tags?post=448344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}