Banks’ average base rates remain at 25.7%

The interest rate at which commercial banks lend to their customers remained unchanged at 25.7% in November 2017.

The same figure was recorded in the month of October 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 Rates (APR) and Average Interest (AI) report, the Royal Bank tops with its base rate at 35.5.

This is however a reduction from the previously recorded 35.7 percent.

At the second position is Unibank with 34.9 percent base rate.

Premium Bank occupies the third position with a base rate of 33.7 percent.

The fourth and fifth positions are occupied by Sovereign Bank and Omnibank.

Their base rates are 33.3 and 32.4 percent respectively.

At the 6^th, 7th, 8^th and 9th and positions are National Investment Bank, Heritage Bank, HFC and United Bank for Africa with base rates at 30.4, 30.2 , 28.7 and 27.9 percent.

The tenth position is occupied by Energy Bank and FBN Bank Ghana with a base rate of 27.8 percent.

BSIC, CAL Bank and Bank of Africa placed 11^th, 12^th and 13^th with 27.4, 27.2 and 26.4 percent base rate.

Prudential Bank came in at the 14^th position with its percentage on base rate at 26.1 percent.

While Access Bank occupies the 15^th position with their percentage on base rate at 26 percent.

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

Their interest is at 25.9, 25.2, 24.8 , 24.2 and 23.2 percent respectively.

At the 21^st position is ADB Bank is 22.9 percent.

Zenith Bank and First National Bank both occupy the 22^nd position with a base rate at 21.5 percent.

The 23^rd, 24^th and 25^th positions are Fidelity Bank, Societe General and Barclays Bank with base rates of 21.2, 18.9 and 18.1 percent.

Also, with, 18.0 and 16.2 are Standard Chartered Bank and Stanbic Bank Stanbic Bank, with the 26^th and 27^th positions.

The 28^th position is occupied by Bank of Baroda with a base rate of 15.8 percent.

In all, thirty one banks were surveyed.

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By: Anita Arthur/citibusinessnews.com/Ghana