Banks’ common lending charges remained across the 30% bracket within the first two months of 2025.
In keeping with information from the Financial institution of Ghana, the typical lending price stood at 30.12% in February 2025 and 30.07% in January 2025, respectively.
It stood at 30.25% in December 2024, after recording 30.07% and 30.45% in October 2024 and November 2024, respectively.
The common lending price started in January 2024 at 32.94% however fell in February 2024 and March 2024, respectively.
It stood at 32.77% in February 2024 and additional dropped to 32.35% in March 2024. It once more eased in April 2024 to 31.25%.
Subsequently, it went down barely to 31.10% in June 2024 after which 30.71% in July 2024. It, nonetheless went up marginally to 30.79% in August 2024.
The Ghana Reference Charge, nonetheless stood at 29.96% in December 2024.
The Central Financial institution saved the coverage price unchanged at 27% in January 2025, citing elevated inflation profile, largely pushed by meals value actions, particularly within the final quarter of the yr.
Common lending charges fluctuate amongst banks
The common lending charges, nonetheless, fluctuate among the many banks and the respective sectors they lend to.
Some banks provide loans equal to the Ghana Reference Charge, while others will cost charges as excessive as 39%.
This nonetheless will depend on the danger profile of the shoppers.
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