The Agriculture Development Bank, ADB has justified its 24.89% lending rate which is the highest among banks in Ghana.
Managing Director of the bank Dr. John Kofi Mensah said: "That is for very very risky areas when you take all the banks there are certain areas some of the banks will not go. ADB is an agric and developmental bank and by necessity, we have to go into certain places. In the rural areas, we are there and some banks will not even venture there and we are all over.
"We are carrying a lot of costs and also trying to say to you that the standard of living of our people..."
The Bank of Ghana, BoG has made known the average lending rates of universal banks as of 31st July 2021.
The BoG said the publication is to help promote transparency in the pricing of loans granted by universal banks.
CalBank offers the lowest lending rate in the country at 15.97 percent.
ADB by the report of the Bank of Ghana has the highest lending at 24.89%.
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