UPDATED: List Of Bank Loans With A Low Interest Rate

There are many commercial banks in Ghana, and every Ghanaian and foreigner who lives there needs to know about them. Besides knowing about these banks, you should also learn how they work and what their interest rates are.

In the early 1980s, Ghana’s banking industry ran into a number of problems, and it took a big step from the government in 1989 to fix things. Before the government took action, many banks had lost a lot of money. Most of them had already fallen, and many more were about to.

How much do banks in Ghana charge for loans?

In the 1990s, banks started to grow again because more people used them and more money was put into them. Today, these banks have some of the highest interest rates on the continent, which is a big plus for the Ghanaian economy. There are more than a hundred banks in Ghana, and they are all run by people in the country.

List of Ghana’s banks and how much they charge for loans

The minimum amount of capital that Ghanaian banks must have

A minimum capital requirement was put in place as part of the changes in Ghana to make sure that only trustworthy banks could stay in business. This did a lot to help Ghana’s banking industry grow into what it is today.

In 2017, the bar for the minimum amount of capital was raised again. It used to be 120 million GHS, but it was raised to 400 million GHS. The banks then had until December 2018 to make sure they were following the new rule. By extension, new banks had to follow the rules before they could open.

Read: Accra experiences moderate earth tremor of magnitude 4.0

How Ghanaian commercial banks work

There are different kinds of banks in every country. Most people use commercial banks because they offer most of the services that everyone in society needs. There are a lot of commercial banks, but you’ll find that most of them offer services that are very similar. Most of the time, people choose a bank based on how well they like how their services work.

The different commercial banks in Ghana offer the following services as a matter of course.

They offer the most reliable way for people to keep their money safe. This lets customers put money in their car and come back whenever they want to take it out.

Customers like the loans these banks offer. The loans come in different forms, such as cash or papers like letters of credit or guarantee papers.

Forex trading.

Stocks and bonds are sold and bought.

Clear their customers’ checks on their behalf.

There are other services that are unique.

Help their clients pay their bills. These bills are for paying for electricity, water, the phone, and cable TV.

Serving as trustees for some clients.

Ghana’s business banks and their branches

Like commercial banks in many other countries, Ghana’s commercial banks have branches all over the country. There are several reasons why these branches were set up. Among the most important of these reasons are:

Read: Indonesia Passes Criminal Code Banning Sex Outside Of Marriage

Ghana’s banking system is not run from one place.

The number of people who want to use these banks’ services is growing. These branches help them keep up with the growing number of customers.

The branches are a subtle way for the banks to get more customers in the different places where they are located. They also help customers in different places use the different bank services.

The different commercial banks and how much they charge for loans

We already know that the number of banks in Ghana has grown over the last two to three decades. There are currently more than twenty commercial banks in the country, and we’ve made a list of these banks and the interest rates they offer.

Agricultural Development Bank. The government owns the majority of this bank’s shares (52%). It started out in 1965, and now there are 78 branches in Ghana. The interest rate is 27.60% right now.

Barclays Ghana Bank. This bank is one of Ghana’s oldest and biggest. It has several locations all over Ghana, and the interest rate is 21.55%.

CAL Bank. This bank opened in the year 1990. Even though it has only been around for a short time, it has grown very quickly. It is known as the most friendly bank in the country, and its interest rate is 28.50%.

Fidelity Bank. This bank is one of the newest ones that is owned by people from other countries. A few Ghanaian investors, such as SSNIT, have also put money into the bank. The interest rate right now is 30.50%.

Ghana’s International Commercial Bank. This bank is a branch of the well-known ICB banking group, whose headquarters are in Switzerland. The interest rate at the bank is 22.95 percent.

Read: Sex Workers Increase Prices Due To Economic Hardship

National Investment Bank. This bank offers two different kinds of services. Before being a development bank, it is first a commercial bank. The interest rate at the bank is 27.33%.

Prudential Bank. Since it opened in 1993, this bank has grown very quickly and now has several branches in different parts of the country. It has an interest rate of 27.50%.

Energy Bank Ghana. This is one of Ghana’s newest banks, having opened in 2011. The interest rate at the bank right now is 24.88%.

Ghana Branch of Standard Chartered Bank. This bank is a branch of Standard Chartered PLC, which is based in the UK. The bank has been around for more than a hundred years, and its interest rate is 23.56%.

Stanbic Bank. This bank has a great reputation for how well it works. The interest rate is 28.50% right now.

The Bank of Africa. This bank offers a range of services, such as SME Banking and Corporate Banking. The interest rate is currently 27.15 percent.

Bank of Baroda, Ghana. This bank started out as a branch of one of India’s biggest banks. The bank opened in Ghana in 2008 and has an interest rate of 15.16% right now.

SG-SSB is a company. One of the biggest banks in Ghana is Société Générale, and the current interest rate is 22.45%.

Guaranty Trust Bank. This bank went to Ghana in 1991 and is now one of the few in the country with a triple-A rating. The interest rate is 26.75% right now.

There are other banks in Ghana, but the one on our list is the most well-known. We think this post should have told you everything you need to know about commercial bank interest rates in Ghana.