The Bank of Ghana has released the financial institutions' Annual Percentage Rates (APR) and Average Interest (AI) paid on deposits for 2009. The APR reflects the true cost of borrowings and includes charges and commissions levied by banks. Average interest paid on deposits is the average interest paid by banks on deposits. Of the 25 banks, three savings and loans companies, four leasing companies and six finance houses listed, SG-SSB came up as one of the cheapest source of credit. The Annual Percentage Rates or APR is for the period until September 30th this year. But the situation might be different today, since a few banks have reviewed their rates since the beginning of this month. It nonetheless offers some indication as to which bank is offering the best rates to individuals and institutions. Individuals looking for loans to buy vehicles, houses or general consumer goods paid the average interests of 29.14% from SG-SSB. However ECOBANK offered the lowest rate to enterprises in the construction sector at an average rate of 21.03%. UniBank offered the cheapest rate to enterprises in the Agricultural sector at about 30.45 %, whiles Stanbic bank offered 31 per cent to businesses in manufacturing and Commerce. If you however have some idle funds that you would want to deposit, the best bank for your money would be Cal bank for both households and businesses. The publication of the rates is to promote transparency in the pricing and provision of banking services. Click here to open. Source: Joy Business/Myjoyonline.com/Ghana