The Bank of Ghana has, on Monday, February 20, 2017 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, 2017.

According to the data, the industry average base rate as at January 31, 2017, was 27.6 percent, a marginal drop from the 28 percent recorded in November 2016, when the data was last compiled.

With the average deposit rate recording 11.9 percent during the reporting period, it represents 0.2 percent increase, compared to the figure recorded in November.

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,” said a statement issued by the communications Department of the Central bank.

“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,” added the statement.