Prime News Ghana

Average base rate of banks drops to 25.7%

By Sam Edem
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The average base rate among commercial banks in the country has reduced to 25.7% - representing a 3.4% change from the previous 26.6% recorded in September.

This was revealed in the Bank of Ghana’s Annual Percentage and Average Interest report.

According to the report, Unibank maintains position as the bank offering the highest percentage on base rate which is currently 35.7% - a decline from 36.8% as of August 2017.

Followed by Sovereign Bank with a base rate of 33.7%; Royal Bank at 33.5%; Premium Bank – 33% as well as Omni Bank and National Investment Bank at 30.4% base rates.

On the contrary: out of the 33 commercial banks captured in the BoG survey, the Indian owned Bank of Baroda still maintains its position as the bank offering the lowest base rate – currently, 15.1% (with just a 0.1% increase from 15% recorded in September this year).

Others with relatively lower base rates included, Standard Chartered Bank with 17.8%; Barclays Bank -18.1%; Societe General – 18.6% and; Stanbic Bank with base rate of 18.9% respectively.

Base rate is the minimum rate set by the Bank of Ghana below which banks are not allowed to lend to its customers.