Which bank in Ghana has the best interest rate?

For agriculture, NIB and Republic Bank offered the highest interest rate of 34.8% and 33.5 – 34.2% respectively, while NIB, again, and CAL Bank offered the expensive loans at rates of 29.5 – 34.3% and 29%, respectively in the agriculture and manufacturing sectors.

What is the highest interest rate in Ghana?

Interest Rate in Ghana averaged 18.71 percent from 2000 until 2021, reaching an all time high of 27.50 percent in March of 2003 and a record low of 12.50 percent in December of 2006.

Which bank in Ghana has the lowest interest rate on loans?

Cal Bank offers lowest interest rate amongst commercial banks in Ghana. The Bank of Ghana’s publication of the average lending rates of universal banks as at July 31, 2021 indicates that CalBank PLC offers the lowest lending rate on the market.

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What is the current interest rate on fixed deposit in Ghana?

Fixed Deposits (week ending December 03, 2021)

Tier (GHS) 30-days 91-days
10 – 25k 4.00 5.50
>25 – 50k 5.00 6.50
>50 – 100k 6.00 7.50
>100 – 500k 7.00 8.50

What is the current interest rate in Ghana?

Ghana: Markets

Reference Previous
Stock Market Index 25 Nov 2021 2,860
Money Market Rate Sep 2021 12.61
Treasury Bills (over 31 days) Sep 2021 12.11
Lending Rate May 2017 23.5

Which bank has good interest rate?

Fixed Deposit Interest Rates by Different Banks

Bank Tenure Interest Rates for General Citizens (per annum)
ICICI 7 days to 10 years 2.50% to 5.50%
Punjab National Bank 7 days to 10 years 2.90% to 5.25%
HDFC Bank 7 days to 10 years 2.50% to 5.50%
Axis Bank 7 days to 10 years 2.50% to 5.75%

Which is the biggest bank in Ghana?

As of June 2020, Ghana Commercial Bank (GCB) had 185 branches across Ghana, leading in the count among financial institutions the country. This was followed by Consolidated Bank Ghana Limited and Agricultural Development Bank (ADB) Limited with 106 and 83 branches, respectively.

What is GCB interest rate?

Share. GCB is currently the bank with the lowest base rate in the country. With a base rate of 22.75% down from 26.0% GCB is strengthening its market leadership in the country’s banking industry where some banks have their base rates as high as 27% and 29%.

How do I qualify for a Stanbic loan?

You must have an active account that is at least 12 months old with the bank. You should not be less than 18years as at the loan application date and maximum of 59years. You must not have any history of dud cheques. You must have satisfactory credit reports.

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What is the interest rate of ADB bank in Ghana?

Fixed Deposits

Amount 1 Month 1 Year
10,000- 49,999.99 5.50% 8.00%
50,000- 99,999.99 5.70% 8.30%
100,000- 499,999.99 5.90% 8.60%
500,000- 999,999.99 6.20% 8.90%

Which small bank has highest fixed deposit rate?

Small Finance Bank FD Rates

Bank FD Rate of Interest Tenure
Jana Small Finance Bank 2.50 – 6.75% 7 days to 10 years
Ujjivan Small Finance Bank 2.90 – 6.50% 7 days to 10 years
ESAF Small Finance Bank 4.00 – 6.25% 7 days to 3653 days
AU Small Finance Bank 3.50 – 6.00% 7 days to 120 months

Is fixed deposit interest paid monthly?

Interest paid on a fixed deposit is paid either monthly or quarterly according to the investor’s choice. So if you invest Rs 3 lakhs in a one year fixed deposit which pays 8 per cent you can earn Rs 2,000 of interest every month or Rs 6,000 of interest every quarter.

What is the interest rate on savings account in Ghana?

Savings Interest Rates

Band [GHS] Savings Plus My Dream Account
> 5,000 – 10,000 1.20% 1.50%
> 10,000 – 50,000 1.50% 1.70%
> 50,000 – 100,000 2.50% 2.70%
> 100,000 – 500,000 4.00% 4.50%

Where can I invest my money in Ghana?

Here are 5 ways to invest your money in Ghana

  • Fixed deposits. Also referred to as term deposits are quite straightforward as they employ the simple interest formula for calculating interest. …
  • Mutual Funds. …
  • Shares. …
  • Treasury Bills. …
  • Bonds.

Who owns the Bank of Ghana?

This article may be in need of reorganization to comply with Wikipedia’s layout guidelines.

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Headquarters Accra, Greater Accra, Ghana
Established 1957
Ownership 100% state ownership
Governor Dr. Ernest Kwamina Yedu Addison
Central bank of Ghana

What is interest formula?

The interest rate for a given amount on simple interest can be calculated by the following formula, Interest Rate = (Simple Interest × 100)/(Principal × Time) The interest rate for a given amount on compound interest can be calculated by the following formula, Compound Interest Rate = P (1+i) t – P.