List of Banks in Ghana and their Current Interest Rates-2022 /2023 (2024)

FAQs

Which Bank has highest interest rate in Ghana? ›

Which banks Have the Highest interest rates in Ghana? The highest interest rate is 24.89 percent, according to the Bank of Ghana's average lending rates report for 2021. This is the rate of the Agricultural Development Bank (ADB).

Jana Small Finance Banks

Jana Small Finance Bank offers interest rates between 4.50% to 7% on various amounts. The interest rates with the are provided below, effective as of November 15, 2022.

The assessment which covered the 2018 financial year saw Standchart, Zenith Bank Ghana, Ecobank Ghana, UBA Ghana and Barclays Bank placing 1st, 2nd, 3rd, 4th and 5th respectively. The other banks are Societe Generale (6th), Stanbic Ghana (7th), Fidelity Ghana (8th), Access Ghana (9th) and GCB Bank (10th).

Investing in Ghana's mining sector can be a lucrative opportunity as the country is rich in minerals such as gold, bauxite, and diamonds. The agriculture sector also offers potential investments in areas such as cocoa, oil palm, and shea butter.

4.95% interest rate per annum and additional 1% bonus interest to customers who maintain Standing Order deposit for 1 year.

DCB Bank is offering an interest rate of 8% on account balances between Rs 10 crore to less than Rs 200 crore, while a 5% interest rate for deposit beyond Rs 200 crore. The above rates are applicable on resident, NRE, and NRO savings bank accounts.

What banks give 5% interest on savings? ›

In conclusion, the Federal Reserve has forecasted only one more interest rate hike in 2023 before concluding its inflation battle. The terminal rate has been kept at 5.1%, equivalent to a target range of 5%-5.25%.

Policymakers expect their interest-rate hikes to push the unemployment rate, now at 3.6%, to 4.5% in the last quarter of 2023, and to 4.6% in 2024.

After home financing costs nearly doubled in 2022, some relief is in sight for potential homebuyers in 2023. The interest rate for a 30-year fixed-rate mortgage in the U.S. is expected to drop to 5.25% by the end of this year, according to a forecast by the financial services website Bankrate.

What is the current federal reserve interest rate? The current Federal Reserve interest rate, or federal funds rate, is 4.75% to 5.00% as of March 22, 2023.

Ghana International Bank – Bank of Ghana.

The five collapsed banks included Unibank Ghana Ltd, The Royal Bank LTD, Beige Bank LTD, Sovereign Bank LTD, and Construction Bank LTD The same reason of insolvency was cited as a cause of the collapse of the various banks. Within a span of two years, about seven indigenous banks have collapsed.

Which banks in Ghana are the best? ›

The value of real estate investment in Ghana has increased consistently over the last few years, and there are many reasons why investing in property is still one of the best ways to grow your money. Investing in real estate is a smart way to earn passive income and diversify your investment portfolio.

Stanbic Bank has a significant presence in Africa and international markets and our experienced sales team can advise you on foreign exchange risk arising from market volatility. Our Foreign Products & Services give you access to a wide range of banking services and value-added benefits.

As of 2021, Ghana Commercial Bank (GCB) had assets reaching nearly three billion U.S. dollars. The other leading banking service providers, Ecobank Ghana and Absa Bank of Ghana, registered higher assets of approximately 2.7 billion (in 2020) and 2.6 U.S. dollars (in 2021), respectively.

TREASURY BILLS

It is one of the safest forms of investments because it is backed by the Government. Because the funds are invested for a specified period, requesting for your funds before the maturity date will attract a penalty. With as little as GHS100. 00, you can purchase T bills between 91 to 182 days.

Kindly note that you can use your GTBank dollar card for all your international spending requirements,” the bank said in an emailed memo. “According to the bank, the dollar card allows ATM Withdrawal of $1,000 daily or the equivalent in the transaction's local currency.

Which bank gives monthly interest on savings account? ›

Monthly compound interest. Did you know that our Bank gives you MONTHLY interest credits versus the industry norm of QUARTERLY interest credit? Thus, you are earning Interest on Interest with IDFC FIRST Bank! In other words, your savings with IDFC FIRST Bank is compounded monthly.

Many high-yield savings accounts from online banks offer rates from 2.05% to 2.53%. On a $250,000 portfolio, you'd receive an annual income of $5,125 to $6,325 from one of those accounts.

The Fed penciled in a 5-5.25 percent peak interest rate for 2023, after which officials see rates falling to 4.25-4.5 percent by the end of 2024.

When Will Interest Rates Go Down? First, we expect the Fed to pause its rate hikes by summer 2023. Then starting around the end of 2023, we expect the Fed to begin cutting the federal-funds rate.

Savings rates expected to peak in 2023

Bankrate (opens in new tab) predicts the federal funds rate will increase to around 5.25% in 2023. As a result, savings rates are expected to rise as well, with more high-yield savings accounts predicted to peak at 5.25 APY in the middle of this year, and many already surpass 4%.

March 21-22, 2023 FOMC Meeting.

The Fed will likely nudge up rates in May or hold them steady depending on how economic data trends over the coming weeks. However, the bigger question is whether the Fed will be forced to cut rates later in 2023. Currently, markets see this as probable, but the Fed expects to maintain high rates for some time.

Investing in Ghana's mining sector can be a lucrative opportunity as the country is rich in minerals such as gold, bauxite, and diamonds. The agriculture sector also offers potential investments in areas such as cocoa, oil palm, and shea butter.

Which is better fixed deposit or Treasury bill in Ghana? ›

Treasury bills do not yield or have any fixed interest rate like a fixed deposit. They primarily offer capital gains that benefit a large group of investors. A fixed deposit is a better choice for investment as it offers security, growth, higher interest rates and assured returns.

Banks offering the highest interest rates for deposits below Rs 2 crore as of February 2023 include Suryoday Small Finance Bank at an 8.76 per cent interest rate for a tenure of above two years and Ujjivan Small Finance Bank at an 8.75 per cent interest rate for a tenure of above one year.

TREASURY BILLS

It is one of the safest forms of investments because it is backed by the Government. Because the funds are invested for a specified period, requesting for your funds before the maturity date will attract a penalty. With as little as GHS100. 00, you can purchase T bills between 91 to 182 days.

Buy a treasury bill or bond

The Bank of Ghana introduced treasury bills. When you buy a treasury bill, you lend the Government of Ghana money, and they will pay with interest when the period ends. It can be for three months, six months, or a year. Buying a treasury bill is one of the safest ways of investment.

Stanbic Bank is one of the leading financial institutions in Ghana, providing corporate banking, personal banking, and digital banking services. The bank offers a variety of investment banking services such as corporate finance, mergers and acquisitions, project finance, capital markets, and asset management.

T-Mobile Money: 4.00%

An account with T-Mobile Money can earn you an APY of 4%. While this is lower than the other offers we reviewed, you can make this (still) great rate on balances of up to $3,000. Balances over and above the $3,000 threshold earn an APY of 1.50%.

Unity Small Finance Bank, Utkarsh Small Finance Bank and Fincare Small Finance Bank are now offering fixed deposit interest rates of 9 percent and higher. Banks have increased their fixed deposit rates after the central bank has hiked repo rates since May 2022. The FDs have emerged one of the safest investment options.

Is there a limit to the amount of Treasury Bills/Notes I can purchase? No, there is no upper limit but a minimum amount of GH¢500 is required for the purchase. Do I need to open a bank account before I buy Treasury Bills/Notes? No, there is no need for a bank account before you buy the bill or note from Databank.

Our suite of investment products range from the Zenith Investment Savings Account (ZISA) currently running at a rate of 18.68% per annum to Treasury Bills with a rate of 22.68% to 24.75% and Fixed Deposits which also runs at variable rates ranging from 6% to 17% per annum depending on the amount invested.

Which bank is best for fixed deposit 2023? ›

Banks and NBFCs offer FD interest rates of 2.55-9.50% p.a. to senior citizens on tenures ranging from 7 days to 10 years. Most banks and NBFCs offer an additional interest rate of 50 bps over the regular fixed deposit interest rates.