Interest rates of banks in the country have dropped minimally between April and May 2017.

It is estimated that the interest rates on loans and advances have declined between 0.3 and 1.8 percent per the Bank of Ghana’s latest Average Interest (AI) and Annual Percentage Rate (APR) report.

According to the report, the average base rate which is the lowest rate a bank can lend to its customers, dropped by 0.7 percent, from 26.8 to 26.6 percent between April and May 2017.

READ ALSO: Benchmark lending rate plunge by a lot more than expected

Also, average interest rates dropped between  Interest rates on on vehicle, manufacturing and construction loans will between 33 and 33.9%.

This accounts drop from 0.5 and 2% between April and May 2017.

However, there is an increase in the average interest rate charged on loans and advances for agricultural purposes.

The 32.7% in May accounts for a 0.3% increase.

READ ALSO: Ghana's banking industry average base rate falls to 26.7%

Also, loans and advances for commerce will attract an average industry rate of 33.4 percent up by over 2 percent between April and May this year.

Interests on deposits by commercial banks have dropped by almost 1 percent as at May this year.

The figure dropped from 11.3 to 11.2 percent.