It is typical to hear businesses and individuals worry about the high interest rates they have to pay on their loans. For them it is unreasonable that they have to pay about 30 percent on the loans they take when the bank pays them just about 10 percent on their savings and deposits. Some of the banks however say the problem of high interest rates is not exclusive to businesses and individuals. The Managing Director of HFC Bank Asare Akuffo tells Joy Business the banks are often helpless when they also have to borrow at high costs. “All banks borrow on the market; corporate deposits are very expensive, even government deposit. “…There are no easy money, low cost funds coming from any corporate source,” he said. But Managing Director of Fidelity Bank, Edward Effah believes competition among the banks is pushing the cost of funds high. "When you have 27 banks in the economy competing for funds you will always have banks which are under pressure to pay over and above the market for money,” he explained. The competition is driving the interest rates he said and rather called for consumer awareness. Source: Joy Business/Myjoyonline.com/Ghana