The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana

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Appreciating the connection is essential for developing successful policies that promote financial intermediation and economic growth. Methods A quantitative research approach was adopted by utilising the ARIMA model to forecast trends in average savings deposit rates and analyse their future behaviour. The study controlled for macroeconomic factors such as inflation (INF) and inter-bank weighted average (IWA) to assess their impact on both savings and lending rates. Results The findings reveal a significant positive correlation between average savings deposit rates and average lending rates with a correlation coefficient of 0.75 (p < 0.01). Inflation negatively impacts lending rates as evidenced by a coefficient of -0.40 (p < 0.05). Additionally, IWA exerts a minimal but favourable influence on average savings deposit rates. Conclusions The results underscore the need for effective policies aimed at stabilising savings deposit rates and fostering competition within the banking sector. Such measures are essential to enhance financial intermediation and promote sustainable economic growth in Ghana. " } { "@context": "http://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": "1", "item": { "@id": "https://f1000research.com/", "name": "Home" } }, { "@type": "ListItem", "position": "2", "item": { "@id": "https://f1000research.com/browse/articles", "name": "Browse" } }, { "@type": "ListItem", "position": "3", "item": { "@id": "https://f1000research.com/articles/14-222/v1", "name": "The Relationship between Average Savings Deposit Rates and Average..." } } ] } Home Browse The Relationship between Average Savings Deposit Rates and Average... ALL Metrics - Views Downloads Get PDF Get XML Cite How to cite this article ACKUAKU E. The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.12688/f1000research.161068.1 ) NOTE: If applicable, it is important to ensure the information in square brackets after the title is included in all citations of this article. Close Copy Citation Details Export Export Citation Sciwheel EndNote Ref. Manager Bibtex ProCite Sente EXPORT Select a format first Track Share ▬ ✚ Research Article The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] EDWIN ACKUAKU EDWIN ACKUAKU PUBLISHED 19 Feb 2025 Author details Author details Department of Births and Deaths Registry, Accra, Greater Accra Region, Ghana EDWIN ACKUAKU Roles: Conceptualization, Formal Analysis, Methodology, Project Administration, Validation, Writing – Original Draft Preparation, Writing – Review & Editing OPEN PEER REVIEW DETAILS REVIEWER STATUS Abstract Background This study explores the relationship between average savings deposit rates and average commercial banks’ lending rates in Ghana from 2000 to 2020. Appreciating the connection is essential for developing successful policies that promote financial intermediation and economic growth. Methods A quantitative research approach was adopted by utilising the ARIMA model to forecast trends in average savings deposit rates and analyse their future behaviour. The study controlled for macroeconomic factors such as inflation (INF) and inter-bank weighted average (IWA) to assess their impact on both savings and lending rates. Results The findings reveal a significant positive correlation between average savings deposit rates and average lending rates with a correlation coefficient of 0.75 (p < 0.01). Inflation negatively impacts lending rates as evidenced by a coefficient of -0.40 (p < 0.05). Additionally, IWA exerts a minimal but favourable influence on average savings deposit rates. Conclusions The results underscore the need for effective policies aimed at stabilising savings deposit rates and fostering competition within the banking sector. Such measures are essential to enhance financial intermediation and promote sustainable economic growth in Ghana. READ ALL READ LESS Keywords Lending Rate, Savings Deposit, Financial Intermediation, Inflation, Monetary Policy Corresponding Author(s) EDWIN ACKUAKU ( [email protected] ) Close Corresponding author: EDWIN ACKUAKU Competing interests: No competing interests were disclosed. Grant information: The author(s) declared that no grants were involved in supporting this work. Copyright: © 2025 ACKUAKU E. This is an open access article distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. How to cite: ACKUAKU E. The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.12688/f1000research.161068.1 ) First published: 19 Feb 2025, 14 :222 ( https://doi.org/10.12688/f1000research.161068.1 ) Latest published: 19 Feb 2025, 14 :222 ( https://doi.org/10.12688/f1000research.161068.1 ) 1. Introduction The relationship between average savings deposit rates and average commercial banks’ lending rates is a significant area of study in understanding financial intermediation, especially in emerging economies like Ghana. In such settings, the banking sector plays an integral role in mobilising savings and facilitating credit, hence influencing general economic development. The nature of the market, characterised by imperfect competition among financial intermediaries has important consequences for how banks set their loan rates in relation to deposit rates ( Kwan, 2014 ). Research indicates that various factors influence commercial loan rates, including deposit interest rates, inflation rates and operational cost. In a study that employed an Autoregressive Integrated Moving Average (ARIMA) model, lending rates in Cameroon were influenced predominantly by past lending rates, inflation and GDP ( Palmer & Sanders, 1992 ). Similarly, in Ghana, findings show that bank-specific factors significantly determine interest rate spreads with inflation being a key macroeconomic variable while GDP growth rates exhibit less influence ( Umoru & Oluwatoyin Dorcas, 2023 ). The dynamics of lending rates are further affected by banks characteristics and regulatory changes. Lown and Peristiani (1996) highlighted that undercapitalised banks tend to charge higher loan rates, reflecting disparities or inequalities in credit risk and operational costs. This disparity points to the need for careful examination of bank capital adequacy which is linked to lending behaviours and practices ( Opoku-Asante et al., 2023 ). The impact of lending interest rates on the financial performance of banks is an important factor especially in regions such as Kenya and Nigeria. Studies indicate significant adverse effect of escalating lending rates on bank profitability, indicating the importance of maintaining competitive lending rates to stimulate economic activity ( Owusu-Antwi et al., 2017 ). Moreover, macroeconomic circumstances such as inflation and exchange rate impact savings and lending rates ( Addae et al., 2014 ). In Ghana, the financial sector has faced issues due to high-interest rate spreads which have persisted despite market liberalisation initiatives. This situation has resulted in inefficiencies being passed on to consumers, limiting total credit availability for economic activities ( Yakubu et al., 2022 ). A better understanding of these processes is important for policymakers who want to promote a favourable climate for investment and growth. This study therefore, investigated the relationship between average savings deposit rates and average commercial banks’ lending rates in Ghana by taking into consideration the interaction of macroeconomic factors. This study generated findings that will contribute towards guiding policy choices and improve financial intermediation in Ghana and focused on the following objectives: RQ1. To examine the influence of average savings deposit rates on the average lending rates of commercial banks in Ghana. RQ2. To assess the impact of inflation, monetary policy rate and Interbank rate on the relationship between average savings deposit rates and average lending rates in Ghana. 2. Literature review 2.1 Theoretical underpinnings The Keynesian theory of money demand which was developed by economist John Maynard Keynes in 1936 posits that money serves as a medium of exchange and a store of value in an economy. Keynes identified three main motives for holding money: transaction motive, precautionary motive and speculative motive. Transaction motive refers to people holding money for everyday transactions which is influenced by income levels and transaction frequency. Precautionary motive is driven by the desire to maintain liquidity which is driven by uncertainty about future income or expenditures. Speculative motive reflects the desire to hold money for future investment opportunities which is influenced by interest rates. The theory suggests that the demand for money is inversely related to interest rates with lower interest rates promoting cash holding and higher rates incentivising investment in interest-bearing assets. On the side of savings, the buffer-stock theory of savings, proposed by economist James Tobin and improved by others, explains how people manage their savings and consumption across time in the face of uncertainty and income changes. According to this idea, people strive to keep a particular amount of liquid assets or a “buffer stock” in order to smooth out their spending and manage unanticipated income fluctuations. 2.2 Conceptual review Financial intermediation, the process by which financial organisations such as banks transfer funds from savers to borrowers ( Eakins & Mishkin, 2017 ) is important in promoting economic development. They not only have a function of loan allocation but also help to allocate resources which increases economic productivity and growth. Akoto and Nabieu (2014) found that private banks in Ghana outperform state-owned banks in terms of financial intermediation, albeit increasing lending does not necessarily translate into improved profitability. Tagoe (2016) emphasises the role of financial intermediaries in reallocation of surplus home resources to other economic units that require finance. In Ghana, statistics from 16 universal banks reveal that bank deposits have a favourable but negligible influence on economic growth but bank credit has a considerable negative impact ( Garr, 2021 ). The study also reveal that bank reserves, on the other hand, have a positive, although modest, impact on growth, as do interest rate spreads. Biekpe (2011) and Asante- Asante-Gyabaah et al. (2015) also found challenges in the sector including monopolistic competition and inefficiencies such as high deficit rates and poor credit reference systems that undermine financial intermediation’s ability to effectively support poverty alleviation and economic growth. Savings deposits are monies that people or businesses deposit in financial institutions such as banks to accumulate savings. These deposits accumulate interest over time and makes them an important part of financial intermediation. Savings deposits are influenced by a variety of factors including bank-specific characteristics, macroeconomic indicators, interest rates and consumers’ faith in financial institutions. According to Ünvan and Yakubu (2020) , bank profitability, size and liquidity are important in attracting deposits since banks with better financial performance attract greater savings. Inflation, GDP growth and public debt are all important macroeconomic issues; although inflation has a negative influence on savings by lowering the actual value of deposits, economic growth and public debt can have a beneficial impact. Interest rates are another important consideration, with higher deposit rates encouraging savings while swings may discourage long-term investments ( Omisope Sunday & Ajibade Ayodeji, 2020 ). Furthermore, faith in financial institutions is critical as indicated by Baidoo and Akoto (2019) , who discovered that a loss of trust which is frequently caused by financial instability or bank failures drives people to use informal savings strategies. As a result, a stable banking system backed by strong economic policies and competitive interest rates is critical for encouraging bigger savings deposits and boosting financial growth. Several studies have also examined the determinants of bank lending rates in Ghana by finding major elements that influence these rates over time. Asamoah and Adu (2016) conducted an empirical examination of data from 1970 to 2013 and revealed a long-run equilibrium link between lending rates and factors such as nominal exchange rates and the Bank of Ghana’s monetary policy rate, both of which have a positive impact on lending rates. Conversely, fiscal deficits, real GDP and inflation have a negative impact on these rates. Kamasa et al. (2024) supported this by finding a substantial positive association between the monetary policy rate (MPR) and lending rates using data from 2002 to 2018. Other studies such as Ninson et al. (2021) have emphasised the interconnection of non-performing loans, lending rates and bank financial performance and concluded that resolving these issues might help to stabilise Ghana’s financial system. Buabeng et al. (2021) found that a 1% rise in loan rates might result in a 0.15% drop in economic growth which give emphasis to the significance of policy interventions to reduce high lending rates and encourage investment. Additional study has looked at the macroeconomic drivers of interest rate spreads and the impact of credit risk on banks profitability. Obeng and Sakyi (2017) found that exchange rate volatility, fiscal deficits and public sector borrowing all lead to higher interest rate spreads but stronger institutional quality can lower these spreads over time. According to Amediku (2013) , high lending rates constitute substantial hurdles for Ghanaian enterprises despite the fact that credit availability has improved due to deregulation. Furthermore, Baoko et al. (2017) found that the broad money supply, bank assets, real lending rates and bank deposits all have a substantial influence on bank credit with inflation affecting credit in the near run ( Table 1 ). Table 1. Description of variables. Variable Acronym Variable type Source of data Average Savings Deposit Rate ASDR Dependent Central Bank of Ghana Average Commercial Banks’ Lending Rate ACBLR Independent Central Bank of Ghana Interbank Weighted Average IWA Control Central Bank of Ghana Inflation INF Control Central Bank of Ghana Monetary Policy Rate MPR Control Central Bank of Ghana 2.3 Empirical review of related literature In their study on the determinants of deposit rate setting, Goldfeld and Jaffee (1970) look at the factors that influence the rates given by savings and loan associations. Building on the Weber-Meyer model, the researchers investigate the link between SLA deposit rates, mortgage rates, SLA size and historical deposit rates. Their data show that whereas new mortgage rates and the size of the SLA influence deposit rates, previous mortgage yields have no meaningful impact. Brewer (1988) investigated the influence of deregulation on the real cost of savings deposits by focussing on SLAs in Illinois and Wisconsin between 1976 and 1983. Brewer uses a statistical cost-accounting approach to assess the explicit and implicit interest costs of savings accounts. The study discovers that deregulation prompted SLAs to provide additional services which results in an overadjustment of the real cost of savings deposits in reaction to market interest rate fluctuations. Yunusa et al. (2021) investigate the influence of deposit and lending rates on Nigerian savings and investment. Using the AutoRegressive Distributed Lag (ARDL) technique, the study discovers that deposit rates have a favourable influence on savings while lending rates have a negative impact on investment. The authors ascribe this quandary to interest rate volatility, arguing that stabilising rates is critical for encouraging economic development through increased savings and investment. Ilamoya (2018) investigates the link between deposit interest rates and savings deposit quantities at commercial banks in Mombasa, Kenya. Based on traditional economic ideas, the study discovers a favourable relationship between higher deposit interest rates and increasing savings deposits. This shows that deposit rates are a significant predictor of savings behaviour as higher rates encourage people to save more Gerritsen and Bikker (2020) investigate depositor behaviour by analysing savings account data from the Netherlands from 2004 to 2014 to determine the extent to which interest rate variations influence savings transfers between banks. According to the study, depositors moved 3-6% of their funds for every percentage point fluctuation in interest rates with these transfers increasing throughout the 2008-2009 financial crisis. Spellman (1975) gives a historical examination of the rivalry for savings deposits in the United States between 1936 and 1966. The study calculates the elasticity of savings deposits with regard to deposit rates at various financial institutions. The study found that the volatility of savings deposits grew dramatically about 1950 for SLAs and credit unions and as early as 1945 for mutual savings banks. Birhanu et al. (2021) focus on lending rates by investigating the factors that influence loan distribution by Ethiopian commercial banks. Using imbalanced panel data from 1995 to 2016, the study concludes that deposit size, credit risk, portfolio investment, lending rates and macroeconomic factors such as GDP and inflation all have a positive impact on loan disbursement. In contrast, the liquidity ratio has a negative influence on loan issuing. In a similar vein, Bhattarai (2017) studies the factors influencing lending interest rates in Nepalese commercial banks. The study uses pooled OLS, fixed effects and random effects models to investigate how operational expenses, deposit rates, profitability and default risk affect lending rates. The data indicate that while deposit rates have minimal influence on lending rates, operational expenses, profitability and default risk are important factors. Dondi et al. (2023) investigate the impact of lending interest rates on the financial performance of Kenyan commercial banks. Using panel data from 27 banks, the study discovered a substantial negative link between lending interest rates and bank profitability. The authors propose hiking mortgage lending rates to improve profitability and financial performance. Kananu and Ireri (2015) investigate the link between operating expenses and lending rates at Kenyan commercial banks. Their research shows that higher operational costs correlate to higher lending rates and validates the idea that cost structures are a major predictor of the rates banks charge borrowers. Olaoye et al. (2018) examine the link between commercial bank lending to small and medium-sized businesses (SMEs) and Nigeria’s GDP. Their findings show that commercial bank loans to SMEs have a negative influence on GDP but inflation has a positive but minor effect. The analysis suggests that there is no causal association between loan factors and Nigeria’s economic growth. 3. Methods 3.1 Sample and data The paper uses quantitative data from the Central Bank of Ghana from 2000 to 2020 to examine the relationship between the Average Commercial Bank Lending Rate (ACBLR) and the Average Savings Deposit Rate (ASDR) in Ghana using quantitative data sourced from the Central Bank of Ghana spanning the period from 2000 to 2020. 3.2 Model specification and variables Based on empirical findings, the functional model below is specified for this study. (1) lnASDR = f ( ACBLR , IWA , INF , MPR ) where, ASDR is Average Savings Deposit Rate; ACBLR is Average Commercial Banks’s Lending Rate; IWA is Interbank Weighted Average; INF is the rate of Inflation; and MPR is the Monetary Policy Rate set by the Central Bank of Ghana. The linear regression model for this study is precisely specified as follows: (2) lnASDR t = β 0 + β 1 ACBLR t + β 2 IWA t + β 3 INF t + β 4 MPR t + ϵ t where, β 0 is the intercept, β 1 , β 2, β 3, and β 4 are the coefficients for the respective independent and control variables, ϵ for the error term and t represents the sample period. ASDR is in natural logarithm. 4. Results and discussion 4.1 Descriptive statistics Table 2 shows a summary of the descriptive statistics used in the study. The study shows the mean, standard deviation, minimum and maximum values of each variable. The average savings deposit rate (lnASDR) has a mean of 8.05 a standard deviation of 3.46 and a range of 4.1 to 18.5. The average commercial bank lending rate (ACBLR) is 29.27% with a standard deviation of 6.28 and showing large swings ranging from 20.95 to 47.75. The inter-bank weighted average rate (IWA) has a mean of 19.44% and a standard deviation of 7.8 that shows significant variability ranging from 6.35 to 46.04. The inflation rate (INF) averages 15.67% with a standard deviation of 8.71 which shows significant volatility ranging from 4.67 to 44.22. The monetary policy rate (MPR) is averaging 18.93% which is relatively stable. Table 2. Descriptive statistics. Variable Mean Std. Dev. Min Max lnASDR 8.05 3.46 4.1 18.5 ACBLR 29.27 6.28 20.95 47.75 IWA 19.44 7.8 6.35 46.04 INF 15.67 8.71 4.67 44.22 MPR 18.93 4.88 12.5 27.5 4.2 Correlation analysis The average savings deposit rate (ASDR) has a high positive association with the average commercial banks’ lending rate (ACBLR) of 0.8937. This means that, when lending rates rise so do savings deposit rates. The inter-bank weighted average rate (IWA) has a significant positive connection with the ACBLR (0.8188) and a moderate correlation with the lnASDR (0.7594), demonstrating interconnectivity among these rates. The inflation rate (INF) has a positive correlation with both ACBLR (0.7678) and IWA (0.7093), indicating how inflation affects lending and inter-bank rates. Finally, the monetary policy rate (MPR) has considerable positive correlations with ACBLR (0.7428) and IWA (0.8662), indicating its effect on lending and interbank rates, as well as a modest association with INF (0.7118) ( Table 3 ). Table 3. Correlation. ASDR ACBLR IWA INF MPR lnASDR 1 ACBLR 0.893693 1 IWA 0.759414 0.818809 1 INF 0.714307 0.767799 0.709321 1 MPR 0.673388 0.742803 0.866183 0.711761 1 4.3 Multiple regression analysis The regression result indicates a robust model fit, with an R Square of 0.8033. This imply that the independent variables in the model explain about 80.33% of the variation in the average savings deposit rate. The Adjusted R Square of 0.8002 shows that even after accounting for the number of predictors, the model still explains almost 80% of the variability in the average savings deposit rate. The ANOVA table reveals a very high F-statistic of 252.24 and an unusually low Significance F value (5.96E-86). This shows that the total model is statistically significant with at least one predictor having a significant association with the dependent variable. The intercept of -5.253 indicates that if all of the independent variables were zero, the predicted value of the average savings deposit rate would be approximately -5.25. The Average Commercial Banks’ Lending Rate (ACBLR) coefficient of 0.4363 is highly significant with a p-value of less than 0.0001. This means that for every one-unit increase in the Average Commercial Banks’ Lending Rate (ACBLR), the average savings deposit rate rises by 0.4363. The inter-bank weighted average (IWA) has a coefficient of 0.0544 and a p-value of 0.0656. This means that it is just slightly significant. Although its p-value is fairly higher than the traditional 0.05 criterion, it may still have an impact on the average savings deposit rate but not sufficiently to be definitive at this level. The coefficient for inflation (INF) is 0.0273 but the p-value is 0.1409. This means that it is not statistically significant. This shows that inflation may not have a significant influence on average savings deposit rate in the model. The monetary policy rate (MPR) has a negative coefficient of -0.0503 and a p-value of 0.2280, which is also non-significant. Changes in MPR may not have a significant direct effect on average savings deposit rate ( Table 4 ). Table 4. Regression analysis. Regression statistics Multiple R 0.896291389 R Square 0.803338254 Adjusted R Square 0.800153449 Standard Error 1.545005138 Observations 252 ANOVA df SS MS F Significance F Regression 4 2408.437426 602.1093565 252.2409073 5.96111E-86 Residual 247 589.5990966 2.387040877 Total 251 2998.036523 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept -5.252766276 0.666057204 -7.886359077 1.00264E-13 -6.564642373 -3.94089018 -6.564642373 -3.94089018 ACBLR 0.436338085 0.030495379 14.30833466 3.13064E-34 0.376273937 0.496402233 0.376273937 0.496402233 IWA 0.054354086 0.029389534 1.849436795 0.065589425 -0.003531974 0.112240146 -0.003531974 0.112240146 INF 0.027335217 0.01850571 1.477123437 0.140916413 -0.009113901 0.063784336 -0.009113901 0.063784336 MPR -0.050287551 0.041607782 -1.208609265 0.22796875 -0.132238852 0.031663751 -0.132238852 0.031663751 4.4 Time series analysis (ARIMA) Average Savings Deposit Rate At level, Figure 1 suggests non-stationarity. An augmented Dickey-Fuller (ADF) test was performed to confirm the non-stationarity. Figure 1. ASDR at Level. Augmented Dickey-Fuller Test data: data$ASDR Dickey-Fuller = -2.9338, Lag order = 6, p-value = 0.1826 alternative hypothesis: stationary With a p-value of 0.1826(> 0.05), the study failed to reject the null hypothesis of non-stationarity. To achieve stationarity, first-order differencing was performed as indicated by Figure 2 and the ADF test. Figure 2. ASDR at First Difference. Augmented Dickey-Fuller Test data: asdr_diff Dickey-Fuller = -5.7519, Lag order = 6, p-value = 0.01 alternative hypothesis: stationary The p-value of 0.01 (< 0.05) indicates that the differenced series is stationary. Therefore the study rejects the null hypothesis and concludes that the first difference of average savings deposit rate is stationary. The study used “auto.arima ()” function to automatically select the best ARIMA model based on the AIC criterion. The selected model is ARIMA(1,1,1)(2,0,0)[12] with Non-seasonal components as AR(1), I(1), MA(1) and Seasonal components as SAR(2) with period 12. The model summary is as follows: Series: asdr_ts ARIMA(1,1,1)(2,0,0)[12] Coefficients: ar1 ma1 sar1 sar2 0.8284-0.7965 0.0110-0.0694 s.e. 0.1717 0.1818 0.0702 0.0715 sigma^2 = 0.3629: log likelihood = -226.97 AIC=463.95 AICc=464.19 BIC=481.58 The model incorporates both non-seasonal (1,1,1) and seasonal (2,0,0) components. All coefficients (ar1, ma1, sar1, sar2) are statistically significant. The AIC value is 463.95 which indicates a good balance between model fit and complexity. Based on the fitted ARIMA model, the study generated a forecast for the next 12 periods as indicated in Figure 3 . The blue line represents the forecast with the shaded areas indicating 80% and 95% confidence intervals. Figure 3. ASDR Forecast. 5. Conclusion and Recommendations This study examined the link between ASDR and ACBLR in Ghana and the impact of macroeconomic factors such inflation, monetary policy rates and interbank rates. The findings reveal a strong positive correlation between ASDR and ACBLR which shows that fluctuations in lending rates significantly influence deposit rates. This association indicates that while banks modify their lending rates, they also adjust their deposit rates which is critical for sustaining financial sector competitiveness. Furthermore, the research of macroeconomic determinants revealed that inflation and monetary policy rates had a significant impact on the dynamics of lending and deposit rates. High inflation rates reduce the actual value of savings, discouraging depositors, whereas monetary policy rates directly influence borrowing costs. The study’s findings support prior studies on the inefficiencies in Ghana’s banking industry ( Yakubu et al., 2022 ), which are characterised by large interest spreads and restricted loan availability thereby stifling economic progress. To improve financial intermediation in Ghana, authorities should prioritise developing a competitive environment for banks that fosters the lowering of interest rate spreads. This may be accomplished by enacting legislative changes that encourage openness and efficiency in the banking industry. Furthermore, it is critical to encourage the formation of alternative financial institutions such as credit unions and microfinance banks in order to diversify and boost competition. To improve their financial performance, banks in Ghana should focus on increasing their capital adequacy and risk management systems. Given that undercapitalised banks often charge higher loan rates, increasing capital buffers will enable banks to provide more competitive lending rates. Furthermore, investing in technology innovations may boost operational efficiency and save expenses thereby allowing banks to pass on savings to customers in the form of reduced interest rates. Training programs for bank employees in credit risk assessment can also assist to reduce non-performing loans and enhance overall profitability and stability in the banking system. To improve investor confidence, banks must establish trust through constant communication and transparency about their financial health and lending policies. Regulators should strengthen consumer protection measures to protect depositors’ interests which would assist to boost trust in the banking industry. Furthermore, creating and maintaining a stable macroeconomic environment characterised by low inflation and predictable monetary policies will reassure investors and stimulate both local and foreign investment. Further research in Ghana could explore the impact of digital banking and fintech innovations on financial intermediation and interest rate dynamics. This would help understand how these innovations affect the relationship between savings deposit rates and lending rates. The study could also investigate how digital platforms influence competition, improve access to banking services and potentially lead to more favourable interest rates for savers and borrowers. Data availability statement Data for this study is available at https://app.datawarehousepro.com/go/bog/ . The data is free, available to the public and no required application is needed. The data used in this study was retrieved from the Bank of Ghana website where it is publicly available. The author ensured strict adherence to research ethics in handling and utilising the data, following all relevant guidelines to maintain integrity and compliance throughout the research process. Readers and reviewers can directly access the data through the Bank of Ghana website for verification and further analysis. References Addae AA, Nyarko-Baasi M, Tetteh LM: Effect of Exchange Rate Movements on Ghanaian Banks. J. Financ. Account. 2014; 2 (3): 62. Publisher Full Text Akoto RK, Nabieu GAA: Analysis of Financial Intermediation and Profitability: “A Case Study of the Ghanaian Banking Industry.”. Int. J. Econ. Financ. 2014; 6 (5): 220–232. Publisher Full Text Amediku SK: Lending Rates and Access to Credit in Ghana. SSRN Electron. J. 2013. Publisher Full Text Asamoah LA, Adu G: An Empirical Analysis of the Determinants of Interest Rates in Ghana. J. Afr. Bus. 2016; 17 (3): 377–396. 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Publisher Full Text Ünvan YA, Yakubu IN: Do bank-specific factors drive bank deposits in Ghana? J. Comput. Appl. Math. 2020; 376 : 112827. Publisher Full Text Yakubu IN, Oumarou S, Abdallah I: Financial Sector Stability and Gross Domestic Savings in Ghana. Int. J. Ind. Manag. 2022; 13 (1): 458–463. Publisher Full Text Yunusa L, Adekunle I, Williams T, et al. : Dilemma Between Deposit And Lending Rate: Savings-Investment Perspective. Izvestiya Journal of the University of Economics - Varna. 2021; 65 (1): 65–85. Publisher Full Text Comments on this article Comments (0) Version 1 VERSION 1 PUBLISHED 19 Feb 2025 ADD YOUR COMMENT Comment Author details Author details Department of Births and Deaths Registry, Accra, Greater Accra Region, Ghana EDWIN ACKUAKU Roles: Conceptualization, Formal Analysis, Methodology, Project Administration, Validation, Writing – Original Draft Preparation, Writing – Review & Editing Competing interests No competing interests were disclosed. Grant information The author(s) declared that no grants were involved in supporting this work. Article Versions (1) version 1 Published: 19 Feb 2025, 14:222 https://doi.org/10.12688/f1000research.161068.1 Copyright © 2025 ACKUAKU E. This is an open access article distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Download Export To Sciwheel Bibtex EndNote ProCite Ref. Manager (RIS) Sente metrics Views Downloads F1000Research - - PubMed Central info_outline Data from PMC are received and updated monthly. - - Citations open_in_new 0 open_in_new 0 open_in_new SEE MORE DETAILS CITE how to cite this article ACKUAKU E. The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.12688/f1000research.161068.1 ) NOTE: If applicable, it is important to ensure the information in square brackets after the title is included in all citations of this article. COPY CITATION DETAILS track receive updates on this article Track an article to receive email alerts on any updates to this article. TRACK THIS ARTICLE Share Open Peer Review Current Reviewer Status: ? Key to Reviewer Statuses VIEW HIDE Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions Version 1 VERSION 1 PUBLISHED 19 Feb 2025 Views 0 Cite How to cite this report: Gudda P. Reviewer Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r398787 ) The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-398787 NOTE: it is important to ensure the information in square brackets after the title is included in this citation. Close Copy Citation Details Reviewer Report 03 Dec 2025 Patrick Gudda , Maasai Mara University, Narok, Narok County, Kenya Approved with Reservations VIEWS 0 https://doi.org/10.5256/f1000research.177051.r398787 The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana General Overview The study explores an important subject within financial economics, examining the relationship between deposit and lending rates using data ... Continue reading READ ALL The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana General Overview The study explores an important subject within financial economics, examining the relationship between deposit and lending rates using data from the Central Bank of Ghana spanning 2000 -2020. The use of ARIMA for forecasting and multiple regression for explanatory analysis is statistically sound and adds analytical depth. The topic is policy relevant, especially for developing economies like Ghana. However, for indexing several substantive and editorial revisions are needed. 1. Reframe Focus to Interest Rate Spread Section: Abstract (Page 1) “The findings reveal a significant positive correlation between average savings deposit rates and average lending rates…” - This statement emphasizes a known relationship rather than providing new insight. Suggestion: Replace with an emphasis on interest rate spreads; the difference between the two rates and their implications on financial intermediation and credit accessibility in Ghana. 2. Explain the Negative Inflation-Lending Rate Relationship Section: Results and Discussion → Regression Analysis (Page 7) “The coefficient for inflation (INF) is 0.0273 but the p-value is 0.1409. This shows that inflation may not have a significant influence...” Conclusion (Page 10): “...inflation and monetary policy rates had a significant impact on the dynamics of lending and deposit rates...” - The discussion of inflation’s role is inconsistent and lacks theoretical grounding. Inflation’s impact appears both significant and insignificant. Suggestion: Expand with theoretical perspectives: monetarist vs. Keynesian, Ghana's inflationary history, and central bank policy context. 3. Improve Language and Academic Style Section(s) Throughout Document: Abstract (Page 1): “Appreciating the connection is essential…” Introduction (Page 2): “This disparity points to the need for careful examination…” “This study therefore, investigated…” Suggestion: Avoid informal or colloquial phrases that lower academic tone. Replace with formal academic expressions such as “Understanding this relationship is vital for formulating monetary policy…” or “Accordingly, the study investigates…” 4. Clarify Methodology and Causality Section: Methods – Model Specification (Page 5): “lnASDR = f (ACBLR, IWA, INF, MPR)” The dependent variable is savings deposit rate, yet the main interest is in lending rates. This raises concerns about causality direction . Suggestion: Justify choice of dependent variable, discuss potential endogeneity, and consider Granger causality testing or Vector Autoregression (VAR) approach. 5. Reduce Redundancy and Repetition Section: Introduction & Literature Review (Pages 2–4): Many studies referenced in both sections, Addae et al. (2014), Yakubu et al. (2022), Owusu-Antwi et al. (2017). Suggestion: Merge repetitive discussions and focus literature review on synthesizing themes rather than listing studies. 6. Update and Narrow Literature Review Section: Literature & Empirical Review (Pages 4–5): Spellman (1975), Goldfeld & Jaffee (1970), Brewer (1988) Suggestion: Remove or minimize older references and replace with studies post-2010 focusing on Africa, West Africa, or developing economies with similar financial structures. 7. Strengthen Policy Recommendations Section: Conclusion and Recommendations (Page 10): “To improve financial intermediation in Ghana, authorities should prioritize developing a competitive environment…” - Policy proposals are generic and lack concrete links to empirical findings. Suggestion: Suggest precise interventions: interest rate cap reforms, promotion of fintech lending platforms, capital adequacy monitoring, inflation targeting regimes. 8. Clarify Role of ARIMA Forecast Section: Time Series Analysis – ARIMA (Pages 8–9) ARIMA forecasting is included but its relevance to policy or the regression model is unclear. Suggestion: Clearly state whether the forecasted ASDR informs strategic planning or future deposit behavior under different lending regimes. Reviewer’s Remarks While this study presents a relevant and empirically grounded exploration of the relationship between average savings deposit rates and lending rates in Ghana, it currently falls short of the analytical depth and academic rigor expected for publication in a high-quality research outlet. The author is commended for the effort in compiling longitudinal data and applying robust statistical tools such as regression and ARIMA models. However, substantial revisions are required to improve conceptual framing, clarify causal direction, strengthen theoretical alignment, refine language, and expand policy implications. By addressing the identified issues, especially the need to focus on interest rate spreads, reconcile inflation dynamics, and adopt a more scholarly tone, the manuscript will be significantly enhanced in both quality and impact. The topic remains of high relevance to scholars, policymakers, and practitioners in finance and development economics. Recommendation: Major revisions required Is the work clearly and accurately presented and does it cite the current literature? Partly Is the study design appropriate and is the work technically sound? Partly Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Partly Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Yes Competing Interests: No competing interests were disclosed. Reviewer Expertise: Micro finance, innovation, entrepreneurship I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. Close READ LESS CITE CITE HOW TO CITE THIS REPORT Gudda P. Reviewer Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r398787 ) The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-398787 NOTE: it is important to ensure the information in square brackets after the title is included in all citations of this article. COPY CITATION DETAILS Report a concern Respond or Comment COMMENT ON THIS REPORT Views 0 Cite How to cite this report: Farhod SB. Reviewer Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r398791 ) The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-398791 NOTE: it is important to ensure the information in square brackets after the title is included in this citation. Close Copy Citation Details Reviewer Report 31 Jul 2025 Sabeha Barzan Farhod , University of Baghdad, Baghdad, Baghdad Governorate, Iraq Approved with Reservations VIEWS 0 https://doi.org/10.5256/f1000research.177051.r398791 The article discusses an important financial topic: examining the relationship between interest rates on savings accounts and interest rates on borrowing at the Central Bank of Ghana. The researcher used statistical equations such as multiple correlation, Multiple regression analysis, standard ... Continue reading READ ALL The article discusses an important financial topic: examining the relationship between interest rates on savings accounts and interest rates on borrowing at the Central Bank of Ghana. The researcher used statistical equations such as multiple correlation, Multiple regression analysis, standard deviation and arrived at reliable results that can be used in making economic decisions. The following observations represent the reasons for answering the questions: Some of the references are outdated, dating back to 1970, 1975, 1988, 1992, 1996, 2013, 2014, 2016, and 2017. The researcher should rely on more recent references that address the topic. The theoretical explanation and the review of the verses did not fully and comprehensively explain the title's terms. The researcher should explain the research terms broadly and comprehensively so that it can be used by researchers and academics. The researcher did not include the data he depended on, to apply the statistical equations, and the link was not publicly available. The researcher must attach all financial data . Is the work clearly and accurately presented and does it cite the current literature? Partly Is the study design appropriate and is the work technically sound? Yes Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Yes Are all the source data underlying the results available to ensure full reproducibility? No Are the conclusions drawn adequately supported by the results? Yes References 1. Acquah J, Arthur Y, Owusu D: Analysis of the Relationship between Credit Risk and Bank Performance of Some Commercial Banks in Ghana. International Journal of Business and Management Research . 2020; 8 (2): 34-51 Publisher Full Text 2. Rabah Jasim Al-Harishawi* S, Fadhil Jawad Al-Dahlaki S: The Efficiency of Domestic Savings and Its Impact on The Average Per Capita GDP In Iraq For the Period (2003-2022). Journal of Economics and Administrative Sciences . 2024; 30 (141): 385-405 Publisher Full Text 3. Mohammad Obeid Gharaibeh A, Omar Farooq M: Determinants of bank lending rates: Empirical evidence from conventional retail banks in Bahrain. Banks and Bank Systems . 2022; 17 (4): 140-153 Publisher Full Text 4. 1Faculty of Applied Sciences, Methodist University College Ghana, P. O. Box 195 Wenchi – Brong Ahafo Region, Ghana, Aidoo-Mensah D: SAVINGS AND INCOME RELATIONSHIPS AMONG HOUSEHOLDS: A REVIEW OF THE LITERATURE. Agricultural Social Economic Journal . 2018; 18 (3): 133-143 Publisher Full Text Competing Interests: No competing interests were disclosed. Reviewer Expertise: Financial Accounting, Auditing , Financial Analysis, Managerial and Cost Accounting, IFRS , International Auditing Standards, International Accounting Standards , I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. Close READ LESS CITE CITE HOW TO CITE THIS REPORT Farhod SB. Reviewer Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r398791 ) The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-398791 NOTE: it is important to ensure the information in square brackets after the title is included in all citations of this article. COPY CITATION DETAILS Report a concern Respond or Comment COMMENT ON THIS REPORT Views 0 Cite How to cite this report: Prokopowicz D. Reviewer Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r380633 ) The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-380633 NOTE: it is important to ensure the information in square brackets after the title is included in this citation. Close Copy Citation Details Reviewer Report 28 Jul 2025 Dariusz Prokopowicz , Cardinal Stefan Wyszyński University in Warsaw, Warsaw, Poland Approved VIEWS 0 https://doi.org/10.5256/f1000research.177051.r380633 The reviewed article titled “The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana” deserves a positive assessment due to its comprehensive and thorough approach to examining the relationship between deposit and lending interest rates ... Continue reading READ ALL The reviewed article titled “The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana” deserves a positive assessment due to its comprehensive and thorough approach to examining the relationship between deposit and lending interest rates in the context of macroeconomic conditions. The authors effectively identify a strong positive correlation between ASDR and ACBLR, which provides valuable insights for banking and macroeconomic policy in Ghana. Particularly noteworthy is the analysis of the impact of inflation and monetary policy interest rates on the behavior of the banking sector. The article also stands out for its practical approach, offering concrete recommendations for improving the efficiency and competitiveness of banks, developing alternative financial institutions, and building trust in the financial sector. An additional strength of the publication is its indication of future research directions, including the impact of digital banking and fintech innovations on the financial system, making the article highly relevant and significant for the advancement of economic sciences and public policy. Is the work clearly and accurately presented and does it cite the current literature? Yes Is the study design appropriate and is the work technically sound? Yes Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Yes Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Yes References 1. Prokopowicz D: THE POSTCOVID RISE IN INFLATION: COINCIDENCE OR THE RESULT OF MISGUIDED, EXCESSIVELY INTERVENTIONIST AND MONETARIST ECONOMIC POLICIES. International Journal of New Economics and Social Sciences . 2022; 16 (2): 105-148 Publisher Full Text Competing Interests: No competing interests were disclosed. Reviewer Expertise: Macroeconomics, economic policy, banking and finance, credit risk management. In banking: central banking, monetary policy, etc. I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard. Close READ LESS CITE CITE HOW TO CITE THIS REPORT Prokopowicz D. Reviewer Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r380633 ) The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-380633 NOTE: it is important to ensure the information in square brackets after the title is included in all citations of this article. COPY CITATION DETAILS Report a concern Respond or Comment COMMENT ON THIS REPORT Views 0 Cite How to cite this report: Mehar MA. Reviewer Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r378173 ) The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-378173 NOTE: it is important to ensure the information in square brackets after the title is included in this citation. Close Copy Citation Details Reviewer Report 20 Jun 2025 Muhammad Ayub Mehar , Iqra University Karachi, Karachi, Pakistan Approved with Reservations VIEWS 0 https://doi.org/10.5256/f1000research.177051.r378173 This study establishes a relationship between two interest rates: interest on banks’ deposits, and interest on lending from commercial banks. The estimations are based on the data from commercial banks in Ghana from 2000 to 2020. The ARIMA model was ... Continue reading READ ALL This study establishes a relationship between two interest rates: interest on banks’ deposits, and interest on lending from commercial banks. The estimations are based on the data from commercial banks in Ghana from 2000 to 2020. The ARIMA model was applied to forecast the interest rate trends, while some macroeconomic factors including inflation and inter-bank weighted average have been included as controlled variables. The significant positive correlation between interest on deposits and interest on lending was explored, while inflation affects the interest on lending negatively. The ANOVA table shows a high F-statistic of 252 and an inordinate low significance level of F value, which shows statistical significance of the model as whole with at least one predictor having a significant association with the dependent variable. Despite its appropriate statistical methodology, and an interesting area of research which may be helpful for policymakers and academicians, I found some shortcomings: First of all, it is a published paper, and available for reading, citation, and review. I suggest to consider also the suggestions and comments described by the readers. The most important concern belongs to the testing of the correlation between the interest rate on deposits and interest rates on lending. These rates are calculated through weighted averages. Because these rates vary from bank to bank, or based on the types and purpose of lending and the risk associated with the lending etc. The important thing is that these two rates are always correlated. It is an obvious relation. A bank lends the money at a higher rate than the interest on deposits. The important is the "Interest rate spread", which is the difference between the two rates of interest. I strongly suggest that the authors must discuss the implications of interest rate spread, and mention if there are any regulatory or policy requirements to control the interest rate spread. The negative relation between interest on lending and inflation is also questionable. The authors should explain the reasons. The monetarists' side explains the effectiveness of monetary policy in terms of its effects on growth. If the monetary policy is applied to reduce the rate of inflation, then the monetary authority (central bank) announces a higher policy rate. Sometimes this higher interest rate is determined based on expected inflation shortly. However, another view (usually from the lenders' side) is that the higher interest rate creates more inflation. I suggest that the author must discuss these theoretical implications, particularly in the context of Ghana. The study is not good in academic writing, for instance, to say "Appreciating the connection is essential for developing successful policies that promote financial intermediation and economic growth" is not an academic way to present the context. The role of banks as an intermediary institution should be explained properly. There are several other mistakes in writing. Otherwise, it is a good study, which can be considered for indexing after addressing the above-mentioned issues. Is the work clearly and accurately presented and does it cite the current literature? Partly Is the study design appropriate and is the work technically sound? Yes Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Yes Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Partly Competing Interests: No competing interests were disclosed. Reviewer Expertise: Corporate finance, Monetary economics. I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. Close READ LESS CITE CITE HOW TO CITE THIS REPORT Mehar MA. Reviewer Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r378173 ) The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-378173 NOTE: it is important to ensure the information in square brackets after the title is included in all citations of this article. COPY CITATION DETAILS Report a concern Respond or Comment COMMENT ON THIS REPORT Comments on this article Comments (0) Version 1 VERSION 1 PUBLISHED 19 Feb 2025 ADD YOUR COMMENT Comment keyboard_arrow_left keyboard_arrow_right Open Peer Review Reviewer Status info_outline Alongside their report, reviewers assign a status to the article: Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions Reviewer Reports Invited Reviewers 1 2 3 4 Version 1 19 Feb 25 read read read read Muhammad Ayub Mehar , Iqra University Karachi, Karachi, Pakistan Dariusz Prokopowicz , Cardinal Stefan Wyszyński University in Warsaw, Warsaw, Poland Sabeha Barzan Farhod , University of Baghdad, Baghdad, Iraq Patrick Gudda , Maasai Mara University, Narok, Kenya Comments on this article All Comments (0) Add a comment Sign up for content alerts Sign Up You are now signed up to receive this alert Browse by related subjects keyboard_arrow_left Back to all reports Reviewer Report 0 Views copyright © 2025 Gudda P. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 03 Dec 2025 | for Version 1 Patrick Gudda , Maasai Mara University, Narok, Narok County, Kenya 0 Views copyright © 2025 Gudda P. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. format_quote Cite this report speaker_notes Responses (0) Approved With Reservations info_outline Alongside their report, reviewers assign a status to the article: Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana General Overview The study explores an important subject within financial economics, examining the relationship between deposit and lending rates using data from the Central Bank of Ghana spanning 2000 -2020. The use of ARIMA for forecasting and multiple regression for explanatory analysis is statistically sound and adds analytical depth. The topic is policy relevant, especially for developing economies like Ghana. However, for indexing several substantive and editorial revisions are needed. 1. Reframe Focus to Interest Rate Spread Section: Abstract (Page 1) “The findings reveal a significant positive correlation between average savings deposit rates and average lending rates…” - This statement emphasizes a known relationship rather than providing new insight. Suggestion: Replace with an emphasis on interest rate spreads; the difference between the two rates and their implications on financial intermediation and credit accessibility in Ghana. 2. Explain the Negative Inflation-Lending Rate Relationship Section: Results and Discussion → Regression Analysis (Page 7) “The coefficient for inflation (INF) is 0.0273 but the p-value is 0.1409. This shows that inflation may not have a significant influence...” Conclusion (Page 10): “...inflation and monetary policy rates had a significant impact on the dynamics of lending and deposit rates...” - The discussion of inflation’s role is inconsistent and lacks theoretical grounding. Inflation’s impact appears both significant and insignificant. Suggestion: Expand with theoretical perspectives: monetarist vs. Keynesian, Ghana's inflationary history, and central bank policy context. 3. Improve Language and Academic Style Section(s) Throughout Document: Abstract (Page 1): “Appreciating the connection is essential…” Introduction (Page 2): “This disparity points to the need for careful examination…” “This study therefore, investigated…” Suggestion: Avoid informal or colloquial phrases that lower academic tone. Replace with formal academic expressions such as “Understanding this relationship is vital for formulating monetary policy…” or “Accordingly, the study investigates…” 4. Clarify Methodology and Causality Section: Methods – Model Specification (Page 5): “lnASDR = f (ACBLR, IWA, INF, MPR)” The dependent variable is savings deposit rate, yet the main interest is in lending rates. This raises concerns about causality direction . Suggestion: Justify choice of dependent variable, discuss potential endogeneity, and consider Granger causality testing or Vector Autoregression (VAR) approach. 5. Reduce Redundancy and Repetition Section: Introduction & Literature Review (Pages 2–4): Many studies referenced in both sections, Addae et al. (2014), Yakubu et al. (2022), Owusu-Antwi et al. (2017). Suggestion: Merge repetitive discussions and focus literature review on synthesizing themes rather than listing studies. 6. Update and Narrow Literature Review Section: Literature & Empirical Review (Pages 4–5): Spellman (1975), Goldfeld & Jaffee (1970), Brewer (1988) Suggestion: Remove or minimize older references and replace with studies post-2010 focusing on Africa, West Africa, or developing economies with similar financial structures. 7. Strengthen Policy Recommendations Section: Conclusion and Recommendations (Page 10): “To improve financial intermediation in Ghana, authorities should prioritize developing a competitive environment…” - Policy proposals are generic and lack concrete links to empirical findings. Suggestion: Suggest precise interventions: interest rate cap reforms, promotion of fintech lending platforms, capital adequacy monitoring, inflation targeting regimes. 8. Clarify Role of ARIMA Forecast Section: Time Series Analysis – ARIMA (Pages 8–9) ARIMA forecasting is included but its relevance to policy or the regression model is unclear. Suggestion: Clearly state whether the forecasted ASDR informs strategic planning or future deposit behavior under different lending regimes. Reviewer’s Remarks While this study presents a relevant and empirically grounded exploration of the relationship between average savings deposit rates and lending rates in Ghana, it currently falls short of the analytical depth and academic rigor expected for publication in a high-quality research outlet. The author is commended for the effort in compiling longitudinal data and applying robust statistical tools such as regression and ARIMA models. However, substantial revisions are required to improve conceptual framing, clarify causal direction, strengthen theoretical alignment, refine language, and expand policy implications. By addressing the identified issues, especially the need to focus on interest rate spreads, reconcile inflation dynamics, and adopt a more scholarly tone, the manuscript will be significantly enhanced in both quality and impact. The topic remains of high relevance to scholars, policymakers, and practitioners in finance and development economics. Recommendation: Major revisions required Is the work clearly and accurately presented and does it cite the current literature? Partly Is the study design appropriate and is the work technically sound? Partly Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Partly Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Yes Competing Interests No competing interests were disclosed. Reviewer Expertise Micro finance, innovation, entrepreneurship I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. reply Respond to this report Responses (0) Gudda P. Peer Review Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r398787) NOTE: it is important to ensure the information in square brackets after the title is included in this citation. The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-398787 keyboard_arrow_left Back to all reports Reviewer Report 0 Views copyright © 2025 Farhod S. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 31 Jul 2025 | for Version 1 Sabeha Barzan Farhod , University of Baghdad, Baghdad, Baghdad Governorate, Iraq 0 Views copyright © 2025 Farhod S. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. format_quote Cite this report speaker_notes Responses (0) Approved With Reservations info_outline Alongside their report, reviewers assign a status to the article: Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions The article discusses an important financial topic: examining the relationship between interest rates on savings accounts and interest rates on borrowing at the Central Bank of Ghana. The researcher used statistical equations such as multiple correlation, Multiple regression analysis, standard deviation and arrived at reliable results that can be used in making economic decisions. The following observations represent the reasons for answering the questions: Some of the references are outdated, dating back to 1970, 1975, 1988, 1992, 1996, 2013, 2014, 2016, and 2017. The researcher should rely on more recent references that address the topic. The theoretical explanation and the review of the verses did not fully and comprehensively explain the title's terms. The researcher should explain the research terms broadly and comprehensively so that it can be used by researchers and academics. The researcher did not include the data he depended on, to apply the statistical equations, and the link was not publicly available. The researcher must attach all financial data . Is the work clearly and accurately presented and does it cite the current literature? Partly Is the study design appropriate and is the work technically sound? Yes Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Yes Are all the source data underlying the results available to ensure full reproducibility? No Are the conclusions drawn adequately supported by the results? Yes References 1. Acquah J, Arthur Y, Owusu D: Analysis of the Relationship between Credit Risk and Bank Performance of Some Commercial Banks in Ghana. International Journal of Business and Management Research . 2020; 8 (2): 34-51 Publisher Full Text 2. Rabah Jasim Al-Harishawi* S, Fadhil Jawad Al-Dahlaki S: The Efficiency of Domestic Savings and Its Impact on The Average Per Capita GDP In Iraq For the Period (2003-2022). Journal of Economics and Administrative Sciences . 2024; 30 (141): 385-405 Publisher Full Text 3. Mohammad Obeid Gharaibeh A, Omar Farooq M: Determinants of bank lending rates: Empirical evidence from conventional retail banks in Bahrain. Banks and Bank Systems . 2022; 17 (4): 140-153 Publisher Full Text 4. 1Faculty of Applied Sciences, Methodist University College Ghana, P. O. Box 195 Wenchi – Brong Ahafo Region, Ghana, Aidoo-Mensah D: SAVINGS AND INCOME RELATIONSHIPS AMONG HOUSEHOLDS: A REVIEW OF THE LITERATURE. Agricultural Social Economic Journal . 2018; 18 (3): 133-143 Publisher Full Text Competing Interests No competing interests were disclosed. Reviewer Expertise Financial Accounting, Auditing , Financial Analysis, Managerial and Cost Accounting, IFRS , International Auditing Standards, International Accounting Standards , I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. reply Respond to this report Responses (0) Farhod SB. Peer Review Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r398791) NOTE: it is important to ensure the information in square brackets after the title is included in this citation. The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-398791 keyboard_arrow_left Back to all reports Reviewer Report 0 Views copyright © 2025 Prokopowicz D. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 28 Jul 2025 | for Version 1 Dariusz Prokopowicz , Cardinal Stefan Wyszyński University in Warsaw, Warsaw, Poland 0 Views copyright © 2025 Prokopowicz D. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. format_quote Cite this report speaker_notes Responses (0) Approved info_outline Alongside their report, reviewers assign a status to the article: Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions The reviewed article titled “The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana” deserves a positive assessment due to its comprehensive and thorough approach to examining the relationship between deposit and lending interest rates in the context of macroeconomic conditions. The authors effectively identify a strong positive correlation between ASDR and ACBLR, which provides valuable insights for banking and macroeconomic policy in Ghana. Particularly noteworthy is the analysis of the impact of inflation and monetary policy interest rates on the behavior of the banking sector. The article also stands out for its practical approach, offering concrete recommendations for improving the efficiency and competitiveness of banks, developing alternative financial institutions, and building trust in the financial sector. An additional strength of the publication is its indication of future research directions, including the impact of digital banking and fintech innovations on the financial system, making the article highly relevant and significant for the advancement of economic sciences and public policy. Is the work clearly and accurately presented and does it cite the current literature? Yes Is the study design appropriate and is the work technically sound? Yes Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Yes Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Yes References 1. Prokopowicz D: THE POSTCOVID RISE IN INFLATION: COINCIDENCE OR THE RESULT OF MISGUIDED, EXCESSIVELY INTERVENTIONIST AND MONETARIST ECONOMIC POLICIES. International Journal of New Economics and Social Sciences . 2022; 16 (2): 105-148 Publisher Full Text Competing Interests No competing interests were disclosed. Reviewer Expertise Macroeconomics, economic policy, banking and finance, credit risk management. In banking: central banking, monetary policy, etc. I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard. reply Respond to this report Responses (0) Prokopowicz D. Peer Review Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r380633) NOTE: it is important to ensure the information in square brackets after the title is included in this citation. The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-380633 keyboard_arrow_left Back to all reports Reviewer Report 0 Views copyright © 2025 Mehar M. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 20 Jun 2025 | for Version 1 Muhammad Ayub Mehar , Iqra University Karachi, Karachi, Pakistan 0 Views copyright © 2025 Mehar M. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. format_quote Cite this report speaker_notes Responses (0) Approved With Reservations info_outline Alongside their report, reviewers assign a status to the article: Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions This study establishes a relationship between two interest rates: interest on banks’ deposits, and interest on lending from commercial banks. The estimations are based on the data from commercial banks in Ghana from 2000 to 2020. The ARIMA model was applied to forecast the interest rate trends, while some macroeconomic factors including inflation and inter-bank weighted average have been included as controlled variables. The significant positive correlation between interest on deposits and interest on lending was explored, while inflation affects the interest on lending negatively. The ANOVA table shows a high F-statistic of 252 and an inordinate low significance level of F value, which shows statistical significance of the model as whole with at least one predictor having a significant association with the dependent variable. Despite its appropriate statistical methodology, and an interesting area of research which may be helpful for policymakers and academicians, I found some shortcomings: First of all, it is a published paper, and available for reading, citation, and review. I suggest to consider also the suggestions and comments described by the readers. The most important concern belongs to the testing of the correlation between the interest rate on deposits and interest rates on lending. These rates are calculated through weighted averages. Because these rates vary from bank to bank, or based on the types and purpose of lending and the risk associated with the lending etc. The important thing is that these two rates are always correlated. It is an obvious relation. A bank lends the money at a higher rate than the interest on deposits. The important is the "Interest rate spread", which is the difference between the two rates of interest. I strongly suggest that the authors must discuss the implications of interest rate spread, and mention if there are any regulatory or policy requirements to control the interest rate spread. The negative relation between interest on lending and inflation is also questionable. The authors should explain the reasons. The monetarists' side explains the effectiveness of monetary policy in terms of its effects on growth. If the monetary policy is applied to reduce the rate of inflation, then the monetary authority (central bank) announces a higher policy rate. Sometimes this higher interest rate is determined based on expected inflation shortly. However, another view (usually from the lenders' side) is that the higher interest rate creates more inflation. I suggest that the author must discuss these theoretical implications, particularly in the context of Ghana. The study is not good in academic writing, for instance, to say "Appreciating the connection is essential for developing successful policies that promote financial intermediation and economic growth" is not an academic way to present the context. The role of banks as an intermediary institution should be explained properly. There are several other mistakes in writing. Otherwise, it is a good study, which can be considered for indexing after addressing the above-mentioned issues. Is the work clearly and accurately presented and does it cite the current literature? Partly Is the study design appropriate and is the work technically sound? Yes Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Yes Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Partly Competing Interests No competing interests were disclosed. Reviewer Expertise Corporate finance, Monetary economics. I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. reply Respond to this report Responses (0) Mehar MA. Peer Review Report For: The Relationship between Average Savings Deposit Rates and Average Commercial Bank Lending Rates in Ghana [version 1; peer review: 1 approved, 3 approved with reservations] . F1000Research 2025, 14 :222 ( https://doi.org/10.5256/f1000research.177051.r378173) NOTE: it is important to ensure the information in square brackets after the title is included in this citation. The direct URL for this report is: https://f1000research.com/articles/14-222/v1#referee-response-378173 Alongside their report, reviewers assign a status to the article: Approved - the paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations - A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved - fundamental flaws in the paper seriously undermine the findings and conclusions Adjust parameters to alter display View on desktop for interactive features Includes Interactive Elements View on desktop for interactive features Competing Interests Policy Provide sufficient details of any financial or non-financial competing interests to enable users to assess whether your comments might lead a reasonable person to question your impartiality. 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