Per data from the Bank of Ghana (BoG), individuals who sought loans with a one-year tenor from Standard Chartered Bank obtained the lowest average interest rate of 29.07%.

GCB Bank Limited came in next, offering a 29.80%

When it came to loans with a three-year tenor, Standard Chartered Bank and GCB Bank Limited continued to dominate offering the best rates 25.83% and 27.27% respectively.

Other banks in this category with rates lower than the reference rates included Fidelity Bank (28.22%) and Republic Bank (28.74%).

If the loan was to be extended for five years, Standard Chartered Bank maintained the lowest average rate of 25.83%.

It was followed by Fidelity Bank, GCB Bank, and Republic Bank with rates hovering between 26% and 28%.

The Annualized Percentage Rate includes the interest rate plus additional fees charged with the loan and it is an important measure for borrowing from financial institutions.