Ecobank is still one of the most favorable banks for businesses to borrow from. That’s according to the latest Annual Percentage Rates released by the Bank of Ghana for interest rates applicable as at the end of November. The APR shows how much interest borrowers actually pay on the loans they take from the bank and includes some of the transaction charges that are usually not advertised along with the more popular base rates. Joy Business’ Paa Kwesi Asare reports that the latest APR which considered the charges and base rates applicable to loans as of the end of last month shows that Ecobank gave facilities to businesses in agriculture, manufacturing and construction at an average interest rate of 24.52 percent. Businesses doing commerce however got the best rate deal of 25 percent from Standard Chartered Bank. For individuals and households, GT Bank offered the best rates for those seeking general consumer loans of 26 percent. UBA however dropped the rate a little further to 24.63 percent for those interested in mortgage loans, whiles Access Bank offered 25.55, the best for prospective car owners. The APR also shows what banks pay on monies lodged with them by depositors. Here NIB gave the most on deposits, 11.97 percent for both individuals and businesses. The APRs are published regularly by the Bank of Ghana because it says it wants borrowers to be informed of the actual interest rates charged by the banks on their loans and which are usually higher than their advertised base rates. It also wants to use the publication of APRs to pressure the commercial banks to reduce their interest charged on loans. Source: Joy Business/Ghana