• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Average lending rate falls to 21.1%

5 years ago
in Banking & Finance, highlights, Home, home-news, latest News
1 min read
0 0
0
69
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The average lending rate or cost of loans has fallen by 2.59% to 21.10% within the last one year, the Bank of Ghana has revealed in its January 2020 Summary of Financial and Economic Data.

But between October 2020 and December 2020, interest charged on loans went down by 0.16%.

Though the cost of borrowing is still high compared to the nation’s peers on the African continent, it has gone down by about 10% since Dr. Ernest Addison’s administration took over the reins of Bank of Ghana.

According to the data from the Bank of Ghana, Ghana’s reference rate has fallen by 1.34% within the last one year, from 16.11% in December 2019 to 14.77% in December 2020.

The cost of credit however varies among the commercial banks, as they price their rate based on their risk analysis and also the risk of customers.

Some banks offer as low as 17% for lending, whilst others have rates as high as about 28%.

When it comes to interest rates on Government of Ghana securities, the rates have also dropped but marginally.

RelatedPosts

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

For instance, the yield on 91-day Treasury bill has fallen by 0.61% in December 2019 to 14.08% in December 2020.

Also, interest on the 182-day T-Bill has dropped by 1.02% in the last one year to 14.13% in December 2020.

Fitch Solutions forecasts ease in Ghana’s interest rates

Research arm of rating agency, Fitch, earlier forecast an ease in interest rates in the country, from early next year.

It linked that to a further fall in the country’s inflation rate next year, which then will remain in the single-digit bracket. It is projecting an end-year inflation of 8.5% for 2021.

Senior Country Risk Analyst for Sub Saharan Africa, William Attwell told Joy Business a further drop in inflation will trigger monetary policy easing and interest rates.

“We would expect monetary policy easing during 2021 because of a further fall in inflation. We’re expecting inflation to ease further next year and that will facilitate that process too. That’s really an austere on the monetary front for Ghana”

Tags: average lending rateBank of GhanaFitch SolutionsGovernment of Ghana securitiesJanuary 2020 Summary of Financial and Economic Data.
No Result
View All Result

Highlights

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

Banking Industry: Non-Performing Loans Edge Higher to GHS 20.7bn

‘The Gulf of Guinea is our Wall Street, IMF, and World Bank Combined’, Says Air Vice Marshal Hanson 

GJA President Underscores Vital Role of Journalists in Safeguarding Ghana’s Maritime Domain

Barrick Exits Ivory Coast With $305 Million Tongon Mine Sale

Trending

Banking & Finance

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

October 7, 2025

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor Governor of the Bank of...

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

October 7, 2025

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

October 7, 2025

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

October 7, 2025

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

October 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.