Federated Learning (FL) revolutionizes collaborative machine learning among Internet of Things (IoT) devices by enabling them to train models collectively while preserving data privacy. FL algorithms fall into two primary categories: synchronous and asynchronous. While synchronous FL efficiently handles straggler devices, it can compromise convergence speed and model accuracy. In contrast, asynchronous FL allows all devices to participate but incurs high communication overhead and potential model staleness. To overcome these limitations, the semi-synchronous FL framework introduces client tiering based on computing and communication latencies. Clients in different tiers upload their local models at distinct frequencies, striking a balance between straggler mitigation and communication costs. Enter the DecantFed algorithm (Dynamic client clustering, bandwidth allocation, and local training for semi-synchronous Federated learning), a dynamic solution that optimizes client clustering, bandwidth allocation, and local training workloads to maximize data sample processing rates. Additionally, DecantFed adapts client learning rates according to their tiers, addressing the model staleness problem. The algorithm's performance shines in extensive simulations using benchmark datasets, including MNIST and CIFAR-10, under independent and identically distributed (IID) and non-IID scenarios. DecantFed outpaces FedAvg and FedProx in terms of convergence speed and delivers a remarkable minimum 28% boost in model accuracy compared to FedProx.