March 30, 2023

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Banks base rates stay at 26.6% in September

The average base rate among commercial banks remained at 26.6 percent in September 2017 as recorded in August 2017.

The base rate is the lowest rate at which a bank would lend to its customers.

According to the Bank of Ghana’s Annual Percentage and Average Interest report, of the thirty-one banks that were surveyed, Unibank still tops with its base rate at 36.8 percent.

This is however down from 39.5 percent it recorded in August.

At the 2nd position is Premium Bank with 36 percent base rate.

The Royal Bank and Soveriegn Bank occupy the 3rd and 4th highest positions.

Their base rates are 34.4 and 34.2 percent respectively.

Omini Bank placed fifth with its base rate at 30.9 percent.

At the 6th, 7th, 8th and 9th and positions are National Investment Bank, Heritage Bank, HFC and Energy Bank with base rates at 30.5, 29.6, 29.6 and 28.9 percent.

The 10th position is occupied by United Bank for Africa and FBN Bank Ghana with a base rate of 27.9 percent.

BSIC, CAL Bank and Bank of Africa placed 11th, 12th and 13th with 27.4, 27.3 and 26.6 percent base rate.

Prudential Bank came in at the 14th position with its percentage on base rate at 26.4 percent.

While Access Bankand Universal Merchant Bank both occupy the 15th position with their percentage on base rate at 26.2

Occupying the 16th to 20th positions are Ecobank, GCB Bank, First Atlantic Bank, Guaranty Trust Bank and ADB Bank.

Their interest rates are at 25.9, 25.1, 20.5, 24.8 and 22.9 percent respectively.

At the 21st, 22nd, 23rd and 24th positions are GN Bank, Zenith Bank, First National Bank and Fidelity Bank with base rates of 22.4, 22.2, 21.6 and 21.4 percent.

Also, with, 19.1, 18.8, 18.2 and 17.4, Stanbic Bank, Societe General, Barclays Bank and Standard Chartered Bank occupies the 25th, 26th, 27th and 28th positions.

The 29th position is occupied by Bank of Baroda with a base rate of 15.0 percent.


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