There are about 32 private banks as of 2021 December in Ghana. The central bank is the Bank of Ghana. The bank of Ghana is the main regulator of all the financial institutions in Ghana by creating policies and rules to govern them.
The following are some of the top banks in Ghana. NOTE: These banks are picked from the Bank of Ghana’s website. However, we have tried our best to summarise some of their top products and also to pin-point by comparing them. Our method of orders is based on Net income and total assets.
|Name of Bank||Net income||Total Assets|
|GCB Bank Ltd||GHS 445.4 million (2020)||GHS 16.39 billion (3/2021)|
|Ecobank Ghana Ltd||GHS 549.9 million (2020)||GHS 15.97 billion (3/2021)|
|Zenith Bank Ghana||USD 854 million (2019)||16.1 billion USD (2019)|
|Absa Bank Ghana Limited||GHS 471.1 million (2020)||GHS 13.23 billion (3/2021)|
|Agricultural Development Bank||GHS 65.4 million) (2020)||GHS 5.81 billion (3/2021)|
|Fidelity Bank Ghana||GHS 90.43 million (2017)||GHS 5.38 billion (2017)|
|National Investment Bank||GHS 120.11 million (2015)||GHS 2.65 billion (2015)|
|Universal Merchant Bank Ghana Ltd||GHS 23.01 million (2020)||GHS 3.26 billion (2020)|
GCB Bank Ltd
With 14.2 percent of total industry deposits, GCB Bank Limited, formerly known as Ghana Commercial Bank, is the largest bank in Ghana in terms of total operational assets and proportion of industry deposits.
GCB Bank Ltd. was founded in 1953 as the Bank of the Gold Coast to provide banking services to the rising nation to foster socio-economic development.
The Bank intended to provide special attention to Ghanaian traders, businesspeople, and farmers who were unable to obtain financing from foreign institutions. For the advantage of its customers, GCB offers a wide range of products and services. GCB now offers specific products and services, such as Link2Home for Ghanaians living abroad, doorstep cash collection, loans, and overdrafts, in addition to the usual Current/Savings Accounts.
Treasury notes, as well as fixed and call deposits, are available as investment options. These are customized to meet the needs of each customer. In addition, GCB has introduced Internet Banking (Commernet Plus), Royal Banking, Smart Pay (Fee Payments), Kudi Nkosuo, GCB Inland Express Money Transfer, and International Money Remittance Payments, GCB Kidistar Account, and MasterCard using an updated information technology system.
Ecobank Ghana Ltd
Ecobank Ghana is a commercial bank based in Accra, Ghana, that was founded in 1990. It is one of the commercial banks regulated by the Bank of Ghana, the country’s banking regulator, with around 1,617 employees. Ecobank has consistently expanded in Ghana over the years to become one of the most well-known corporate names in the banking industry.
In 2003, Ecobank received a universal banking license, and in July 2006, it was floated on the Ghana Stock Exchange (GSE). With 67 branches, multiple point-of-sale terminals, many merchant QR codes in stores, and over 242 ATMs strategically placed across the country, the bank has begun a strategic transformation from a primarily Wholesale Bank to a Universal Bank.
With total assets of GHS15.95 billion, shareholders’ funds of GHS2.45 billion, profit before tax of GHS782.24 million, and profit after tax of GHS549.87 million at the end of 2020, the bank had a stellar financial performance. This resulted in a 26 percent return on average equity (ROAE) and a 3.8 percent return on average assets (ROAA).
Zenith Bank Ghana
In Nigeria, Ghana and Anglophone West Africa, Zenith Bank Plc is a major financial services company. The Central Bank of Nigeria, the country’s banking authority, has granted it a commercial banking license. It has $16.1 billion in total assets and $854 million in shareholders’ equity as of December 31, 2019.
Their adaptable solution provides you with the simplicity and convenience of a real-time, efficient, and secure banking experience from anywhere in the world. Log in with your credentials, check your balances, and make account transactions whenever it is convenient for you. The overall vision of the bank is to make the Zenith brand a reputable international financial services network, recognized for innovation, superior customer service and performance while creating premium value for all stakeholders.
Absa Bank Ghana Limited
Absa Bank Ghana Limited is a subsidiary of Absa Group Limited, an African financial services conglomerate that aspires to be Africa’s pride. Absa Group Limited is one of Africa’s most diversified financial services firms, with a presence in 12 countries throughout the continent with over 42,000 people, and is listed on the Johannesburg Stock Exchange (JSE).
We’re dedicated to discovering local answers to distinctly local problems, and we strive to offer value in all we do. To that aim, we provide retail, business, corporate and investment, and wealth management solutions to our customers. We also make sure that we have a good influence in all of the nations where we do business.
For just GHS24 per month, you may get access to a variety of world-class financial services, as well as free personal accident and travel insurance. Africa has what it takes to take on the globe, according to Absa.
That’s why you’ll find us helping customers and businesses in 12 countries throughout the continent, as well as worldwide. Absa provides the solutions, experience, and award-winning expertise to help you realize your vision.
Agricultural Development Bank
The Agricultural Development Bank of Ghana, or ADB, is a government-owned development and commercial bank in Ghana. Ghana’s government founded the bank as the country’s first development finance organisation.
Since its founding in 1965, the Agricultural Growth Bank (ADB) has focused on providing financial facilities for the development and modernisation of agriculture and related businesses. The ADB is thought to be responsible for around 85% of institutional loans to the agriculture sector.
The Agricultural Value Chain Department and the Agricultural Services Department make up the Agribusiness Division.
The Agricultural Value Chain Department focuses on developing viable value chains in the primary production sector, while the Agricultural Services Department provides financial intermediation to the agro-marketing, agro-processing, and agricultural support sub-sectors such as input distribution and agricultural-related infrastructure.
Fidelity Bank Ghana
Fidelity Bank is a commercial bank in Ghana that was granted its Universal Banking License on June 28, 2006, making it the Bank of Ghana’s 22nd licensed bank. It is one of the country’s twenty-seven licensed commercial banks. Fidelity Bank is based at Ridge Towers in Accra.
Ghanaian individuals, other institutional investors, and the bank’s senior management own the bank. The bank was once known as Fidelity Discount Company, Ghana’s largest discount house. The business environment in the nation attracted investors to the concept of founding a bank after it had been profitable for eight years.
Fidelity Bank Ghana Ltd., Ghana’s biggest privately held bank, is committed to assisting Ghana’s growth agenda via strategic partnerships, prompt financial interventions, and innovative products and services.
National Investment Bank
The National Investment Bank of Ghana (NIB) is a state-owned commercial bank in Ghana. It is one of the commercial banks regulated by Ghana’s banking regulator, the Bank of Ghana. In Ghana, NIB is a medium-sized financial services firm.
NIB has been in operation since 1952, when it was named as the Gold Coast Industrial Development Corporation (GCIDC) The Gold Coast Industrial Development Corporation (GCIDC) encouraged indigenous people to start businesses in the furniture and baking industries.
In 1965, NIB’s massive backing for the agro-processing industry spurred the bank’s Agricultural Department to become the Agricultural Development Bank. At NIB, we prioritise your convenience. Because of this, we provide you with more banking options. Every Saturday, from 10:00 a.m. to 2:00 p.m., you can visit any of these branches for banking services.
Universal Merchant Bank (UMB)
The Universal Merchant Bank was formerly known as Merchant Bank Ghana Limited and is headquartered in Accra, Ghana’s capital. Universal Merchant Bank (UMB) is a full-service bank that specializes in customised banking products and services. UMB is a renowned Ghanaian indigenous bank with substantial financial experience, having been founded on March 15, 1972.
The Universal Merchant Bank was formerly known as Merchant Bank Ghana Limited and is headquartered in Accra, Ghana’s capital. Everything we do is infused with our fundamental principles, which guide our approach to providing great financial products and services. We use the acronym S.P.E.E.D. at UMB.