The Bank of Ghana’s (BOG) monthly bank rates chart shows that the Average Interest Rates (AI) of the banking sector dropped from 11.9 % in January to 11.6 % in the month of February.
The average base rate (BR) for the sector continued its steady reduction over the past few months, declining to 26.9% as against January’s 27.6%. The Central Bank’s policy rate still remains at 25.5%.
The Royal Bank overtook Sovereign Bank at the top with a rate of 17% returns on deposits. The latter’s rates dropped considerably from 19.5 % to 16.7%, though it remains one of the highest paying on the market.
Standard Chartered Bank continued its upward movement, offering 6.04 % from 4.3 % in January.
The Royal Bank (17%), Sovereign Bank (16.7%), OMNIBank (15.2%), Stanbic Bank(15.2%) and Bank of Baroda (14.4%) represent the banks with the five highest AIs for the month, whiles PBL (9.4 %), GT Bank (7.3%), ADB (6.5%), Energy Bank (6.4 %) and Standard Chartered Bank (6.04%) represent the banks with the Ais for the month.
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.
See the table below for the full list.
|Banks||Average Interest Rate||Percent||APR*||SPREAD*||APR* ON AI|
|The Royal Bank||17||28.7||30.8||-2.1||13.8|
|Bank of Baroda||14.4||19.9||35.4||-15.5||21|
|First Atlantic Bank||14.2||28.4||35.3||-6.9||21.1|
|Bank of Africa||12.4||29.1||32.1||-3||19.7|
|First National Bank||12.1||23.4||34.1||-10.7||22|
|Sahel Sahara (BSIC)||10.9||30.6||37.4||-6.8||26.5|
|Standard Chartered Bank||6.04||42.1||37||5.1||31|
|Universal Merchant Bank||23.6||29||-5.4||_|
* calculated by giscentre.org