Banks average lending rate hovered around 30% during second-half of 2024

Banks average lending rate hovered around 30% during second-half of 2024

Banks’ average lending rates hovered around the 30% bracket during the second half of the year, after declining from 32% at the beginning of the year.According to data from the Bank of Ghana, the average lending rate stood at 30.25% in December 2024, after recording 30.07% and 30.45% in October 2024 and November 2024 respectively.

The average lending rate began in January 2024 at 32.94% and took a nosedive in February 2024 and March 2024 respectively.

It stood at 32.77% in February 2024 and further dropped to 32.35% in March 2024. It again eased in April 2024 to 31.25%.

Subsequently, it went down slightly to 31.10% in June 2024 and then 30.71% in July 2024. It however went up marginally to 30.79% in August 2024.According to data from the Bank of Ghana, the average lending rate stood at 30.25% in December 2024, after recording 30.07% and 30.45% in October 2024 and November 2024 respectively.

The average lending rate began in January 2024 at 32.94% and took a nosedive in February 2024 and March 2024 respectively.

It stood at 32.77% in February 2024 and further dropped to 32.35% in March 2024. It again eased in April 2024 to 31.25%.

Subsequently, it went down slightly to 31.10% in June 2024 and then 30.71% in July 2024. It however went up marginally to 30.79% in August 2024.Some banks offer loans equivalent to the Ghana Reference Rate, whilst others will charge rates as high as 40%.

This however depends on the risk profile of the customers.

Source: Myjoyonline.com

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