OmniBSIC Ghana Ltd offered the lowest interest rate of 33.06 percent on loans to Small and Medium Enterprises (SMEs) with a tenure of 5 years in March 2024, according to a recent report from the Bank of Ghana.

Following closely behind, Republic Bank provided loans at a rate of 35.02 percent, while Standard Chartered Bank offered loans at 35.81 percent under the same tenor.

The Annualized Percentage Rate (APR) report, released by the Bank of Ghana in April 2024, surveyed interest rates offered by 23 banks operating in the country.

“The APR reflects the true cost of a loan that economic agents are confronted with when they go through an approval process to secure a loan facility. It comprises the Ghana Reference Rate, bank specific risk-premia and other bank-specific charges” the Bank of Ghana said.