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The Bank of Ghana has released recent data on the annual percentage rates (APR) paid on deposits by the various banks in the country. The APR is the true interest rate banks and non-bank financial institutions charge the public on loans and advances. It also reflects the true cost of borrowings and includes charges and commissions levied by banks. 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 followed by ecobank. Although the new report might seem a little outdated as some banks had reviewed their rates since the beginning of this month, the data still offers some indication as to which bank is offering the best rates to individuals and institutions. Most banks ambushed the central bank by reviewing their rates in anticipation that the central bank would review its prime rate upwards. According to the data by the bank of Ghana, individuals looking for loans to buy vehicles, houses or general consumer goods paid on the average interests of 28.36% 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. Standard Chartered bank offered the lowest interest on deposits followed by Amalgamated bank offering as low as 4.61% and 7.44% respectively on individual deposits. Meanwhile Intercontinental commercial bank provided lucrative interest rates on deposits for both households and businesses. The publication of the rates the bank of Ghana said was is to promote transparency in the pricing and provision of banking services.