Bank of Baroda has again emerged as the best institution to secure credit according to the latest Bank of Ghana Annual Percentage Rate (APR) and Average Interest (AI).

The data showed that Bank of Baroda was the best institution to secure credit as at the end of May this year.

The Bank offered 22 to 28 percent as actual lending rate to firms in the agriculture, manufacturing and commerce as well as the construction sector.

This means that, some firms paid an interest rate of 22 and 24 percent or even 27 percent depending on their credit worthiness.

A careful study of the numbers provided by the Central Bank shows that, Bank of Baroda, which had the lowest base rate of 16.7 percent was doing base plus six percent, for a very good client.

Individuals who turned to Bank of Baroda for vehicle, mortgage and other credits paid 22 - 28 percent as the real interest or the APR.

In terms of deposits, OmiBank was the best institution, as it offered the highest interest rate on deposit with 18.3 percent.

The data showed that on average banks were offering 11.2 percent on deposits compared to 11.3 percent in April 2016.

Meanwhile, on the lending side the average industry base rate was at around 26 percent, representing a marginal drop of 0.2 percent, compared to 28 percent charged in April this year.

At the beginning of the year, banks were charging around 27.6 percent, giving a year to date decrease of just under 0.2 percent.

According to the BoG the APR is true interest rate banks and non-bank financial institutions charge public on loans and advances.

It reflects the true cost of borrowing and includes charges that commission levied banks. Average interest paid on deposits is the average interest paid by banks on deposits.

The Central Bank have argued that it sees the regular publication to this data as a means of promoting accountability of its decision making and build that understanding of the monetary policy formulation process among stakeholders.