Check out the lending rates of banks in Ghana

The Bank of Ghana, BoG has made known the average lending rates of universal banks as of 31st July 2021.

The BoG said the publication is to help promote transparency in the pricing of loans granted by universal banks.

CalBank offers the lowest lending rate in the country at 15.97 percent.

ADB by the report of the Bank of Ghana has the highest lending at 24.89%

 Meanwhile, President Akufo-Addo said it’s not right for the spread between lending rates and the policy rate of the Bank of Ghana to remain high.

“I’ll use this occasion to bring into focus a matter of great importance for the rapid growth of our economy, that is to urge the banks to interrogate the issue of high interest rates in Ghana and how the problem should be addressed to enhance the competitiveness of the private sector,” he said this during the inaugurating the reconstituted Governing Board of the Central Bank.

“It is surely not right that the Central Bank’s monetary policy rate stands at 13.5%, whilst the commercial banks lend to the private sector at rates of 21% and above. This is a gap we have to breach if we are to realize the vision of Ghana whose economy is globally competitive. I believe the Bank of Ghana is best place to lead this process of reflection and action”, the President pointed out.

Governor of the Bank of Ghana, Dr. Ernest Addison on his part pledged the Central Bank’s commitment to pursue prudent monetary policies to consolidate the gains chalked so far.

“Given the rich and diverse background of the team on the board, there is no doubt on my mind that together we can build a solid foundation that has been laid by our predecessors and take this institution to even greater height”.

“I look forward to good cooperation and interesting deliberations on some of the critical issues concerning the economy especially what you [ President Akufo-Addo] have identified this evening in terms of the spread of the interest rate of the commercial banks over the policy rate”, Dr. Addison said.

“Once again I will like to say a big thank you for the trust you’ve reposed in us. The Board of the Central Bank is up to task of implementing sound policies to ensure stability, supported by a safe, sound, efficient and stable market financial system”, the Governor added.