The Bank of Ghana (BoG) has released its latest data on Annual Percentage Rates (APR) of interest charged on loans and credit advances and the Average Interest (AI) paid on deposits by banks.

The data is based on figures available as at 31st January, 2018.

The data reveals that the industry average base rate as at January 31 was 25.6 percent, a marginal drop of 0.1 per cent, compared to the average rate of 25.7 per cent at the end of December 2017.

However, when compared with the average base rate at the end of January 2017, this figure represents a significant 2 per cent drop. The industry average base rate was 27.6 per cent end-January 2017.

On the deposit front, the average deposit rate at the end of January 2018 was 10.4 per cent, which was the same figure recorded at the end of December 2017. In comparison to the end-January 2017 figure of 11.9 per cent, the end-January 2018 figure of 10.4 per cent represents a drop of 1.5 per cent.

In all, the list covers 31 banks.

The APR is the true interest rate banks and non-bank financial institutions charge the public on loans and advances. It reflects the true cost of borrowing and includes charges and commissions levied by banks. 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.

The publication of these rates is to promote transparency in the pricing and provision of banking services.

Bank of Ghana aims to promote accountability of its decision making and build understanding of the monetary policy formulation process among stakeholders through the publication of these documents.