Average lending rate hits 31.40% in October 2022 – BoG
Average lending rates of commercial banks hit 31.40% per annum as of the end of October 2022, the Bank of Ghana’s November 2022 Summary of Economic and Financial Data has revealed. This is equivalent to 2.16% interest rate on loans per month. According to the report, average cost of borrowing has been going up sharply from May 2022 (22.53%) to 31.40%...