Outline of Banks in Ghana
Ghana’s banking and finance industry comprises of 32 private banks. The Bank of Ghana play its role as the country’s central monetary supervisory authority. Established in 1957, the Bank of Ghana is placed in high authority to regulate the financial institutions and banks in Ghana. It additionally supervises the monetary policies and advises the public authority on their implementation.
Banks in Ghana
Moody’s Investors Service insists a negative standpoint for banks in Ghana in mid 2021. A high debt burden , revenue underperformance, and the country’s heavy over reliance on international capital flows , deteriorated by the COVID-19 pandemic, adversely impacted Ghana’s financial creditworthiness.
For anybody considering a profession in banking in Ghana, this rundown of top banks in Ghana is a useful aide on where to begin. To find out more, see our rundown of financial institutions.
The Top Banks in Ghana are:
GCB Bank Limited
Settled in Accra, GCB Bank Limited took on its current name in 2013, subsequent to being previously known as Ghana Commercial Bank. In 1953, the bank was established as the Bank of the Gold Coast to serve neighborhood traders , businessmen , and Farmers. It presently offers a wide scope of financial product and services to its clients, which incorporate people, little and medium-sized enterprises, parastatal organizations, and large corporation.
Starting around 2016, the bank employed 2.437 people and oversaw 180 branches and 11 agencies nationwide.
Net income : GHS 445.4 million (2020)
Total assets: GHS 16.39 billion (3/2021)
Ecobank Ghana (EBG)
Ecobank Bank is a member of the Ecobank Group, which operates in 36 nations in Africa. EBG was the first of the banks in Ghana to get an all universal bank permit from the country’s national bank. It began its operation in 1989 after Ecobank Transnational completely procured The Trust Bank.
The bank provides payment and transfers , cards and loans , bancassurance, e-transactions, microfinance, investment products , and Hajj financial services. It operated 67 branches and employed 1,741 staff starting around 2021.
Net income : GHS 549.9 million (2020)
Total assets : GHS 15.97 billion (3/2021)
Zenith Bank of Ghana
Zenith Bank Ghana is an subsidiary of Zenith Bank Plc, a Nigeria-based multinational financial services . The bank began its universal banking operation in 2005, offering first in class banking services to people and corporations Nationwide.
It has its headquarters in Accra. Zenith bank oversees 34 business areas (branches and organizations), as well as various POS terminals and ATMs. It is additionally one of the banks in Ghana giving mobile banking and constant web banking services.
Net income : GHS 172.55 million (2017)
Total assets : GHS 4.67 billion (2017)
Absa Bank Ghana Limited
Absa Bank was established in 1917, Absa Bank Ghana Limited, previously Barclays Bank Ghana, offers personal banking products and services to clients in Ghana. It additionally gives corporate, depository or Treasury and retail products and services to organizations and corporate clients.
The financial services group manges a network in excess of about 70 services outlets across the country , comprising of 52 branches, three Premier suites, eight Prestige Centers, four offices, as well as 164 ATMs.
Net income : GHS 471.1 million (2020)
Total assets : GHS 13.23 billion (3/2021)
Agricultural Development Bank
An Act of Parliament made the Agricultural Development Bank (ADB) in 1965 to serve the banking necessities of Ghana’s agrarian area. In 1970, the bank renamed itself from Agricultural Credit and Co-operative Bank after it got full business banking powers.
Situated in Accra, the public authority claimed advancement and business bank supervises an organization of 64 help outlets situated across the country, comprising of 50 branches, ten office workplaces, and four Farm Loan Offices. It utilizes 1,489 staff.
Net income : GHS 65.4 million) (2020)
Total assets : GHS 5.81 billion (3/2021)
Société Générale Ghana Ltd
Société Générale Ghana (SG), previously known as Société Générale – Social Security Bank (SG-SSB), began working as one of the banks in Ghana in 1977. Integrated in 1975 under the name of Security Guarantee Trust Limited, the bank as of now works as an subsidiary of the Société Générale banking conglomerate.
In 2004, the bank renamed itself as SG-SSB, following Société Générale’s securing of a 51% controlling stake in the financial services provider. In 2013, the organization embraced its current name after acquiring its investors’ endorsement.
It has its headquarters in Accra, it supervises 42 branches Nationwide.
Net income : GHS 128.5 million (2019)
Total assets : GHS 5.11 billion (9/2020)
Fidelity Bank of Ghana
Fidelity Bank of Ghana, previously known as Fidelity Discount House, received its business banking permit in 2006. The bank offers personal , commercial, and wholesale banking profuctd and services. As the fastest growing native bank in Ghana, it additionally serves the nation’s unbanked and underbanked population through its Financial Inclusion Directorate unit.
Situated in Accra, the bank operate a network in excess of 80 branches and 112 ATMs all through Ghana.
Net Income: GHS 522.97 million (2017)
Revenue : GHS 90.43 million (2017)
Total assets : GHS 5.38 billion (2017)
National Investment Bank
State-claimed National Investment Bank (NIB) at present operates as a universal bank in Ghana with focus on development/commercial banking services . The bank likewise serves as a significant moneylender to the country’s agro-ptocesing , building and construction, manufacturing, and service areas.
In 1963, the Ghanaian government set up the NIB as a national development bank to promote and boost rapid industrialization in the local economy. Situated in Accra, the bank at present oversees 49 branches and three agencies Nationwide.
Revenue : GHS 348.83 million (2015)
Net income : GHS 120.11 million (2015)
Total assets : GHS 2.65 billion (2015)
Universal Merchant Bank Ghana Ltd
In 1972, Universal Merchant Bank Ghana Ltd started working as one of the main merchant banks in Ghana. In 2005, the bank receives its universal banking permit and began offering retail banking products and services . It works through its Personal, Private, Business, Corporate, and Internet Banking sections, with Treasury, Trade, and Credit divisions.
The bank presently oversees 31 branches, one UMB PPP Incubator Center, and two UMB Centers for Businesses.
Net income : GHS 23.01 million (2020)
Total assets : GHS 3.26 billion (2020)