Ecobank, Societe-General and Standard Chartered Bank have emerged as the best institutions businesses can secure credit, according to the latest Annual Percentage Rates released by the Bank of Ghana.

The Average Percentage Rate (APR) according to the Central Bank actually measures the true rates banks charged on loans including, the proper cost of borrowings, which includes charges and commissions levied by banks.

The report released by the Bank of Ghana (BoG), covers charges up to April this year. It showed that when it came to firms, operating in the agricultural sector and the export business, Societe-General was the best place to go, because it was offering businesses, an APR of almost 24 percent.

ECOBANK was offering firms operating in the mining and Quarrying sector, an APR of 24.2 percent.

For firms in the manufacturing, imports and commerce, Standard Chartered bank was the best financial institution for these firms to secure credit because they will end up paying an APR of between 24.5 percent to about 30 percent.

For firms looking for a mortgage or car loan for its workers, Standard Chartered Bank is still the place to go, because they were asking enterprises to pay an interest of 24.5 percent.

For those institutions, that have some loose funds to deposit with a bank, Barclays is the place to the go, because they, will pay an average deposit of 16.1 percent.

According to the BOG, it sees the publication of these rates, as a measure to force the banks to drive down their rates.

However when it comes to individuals, Barclays came up as the best bank for deposits, as it was offering an average interest rate of 16.1 percent.  

Bank of Baroda came on top for individuals looking for consumers credit as they paid, an APR of 28.2 percent.