Overview of Banks in Ghana
Ghana’s banking and finance industry consists of 28 private banks. The Bank of Ghana serves as the country’s central monetary authority. Founded in 1957, the Ghanaian central bank regulates financial institutions and banks in Ghana. It also oversees the monetary policies and advises the government on their implementation.
Moody’s Investors Service warns of difficult times for banks in Ghana in 2018, following decreased revenues in the past two years. The rating agency expects the operating revenue of Ghanaian banks to further decline, as a result of muted growth, straining their profitability and efficiency ratios. Banks in Ghana could see a reduction in interest income from loans and loan-related fee income and commission income.
For anyone considering a career in banking in Ghana, this list of top banks in Ghana is a helpful guide on where to start. To learn more, see our list of financial institutions.
The top banks in Ghana are:
GCB Bank Limited
Headquartered in Accra, GCB Bank Limited adopted its current name in 2013, after being formerly known as Ghana Commercial Bank. In 1953, the bank was founded as the Bank of the Gold Coast to serve local traders, businessmen, and farmers. It currently offers a wide range of financial products and services to its customers, which include individuals, small- and medium-sized enterprises, parastatal companies, and large corporations.
As of 2016, the bank employed 1,532 individuals and managed 150 branches and 11 agencies across the country.
Revenue: GHS 1.06 billion (2016)
Net income: GHS 299 million (2016)
Total assets: GHS 6.05 billion (2016)
Ecobank Ghana (EBG)
Ecobank Bank is a member of the Ecobank Group, which operates in 36 countries in Africa. EBG was the first of the banks in Ghana to receive a universal bank license from the country’s central bank. It started its operations in 1990 after Ecobank Transnational wholly acquired The Trust Bank.
The bank provides payment and transfers, cards and loans, bancassurance, e-products, microfinance, investment products, and Hajj financial services. It operated 77 branches and employed 1,611 staff as of 2016.
Zenith Bank of Ghana
Zenith Bank Ghana is a subsidiary of Zenith Bank Plc, a Nigeria-based multinational financial services provider. The bank started its universal banking operation in 2005, offering top-of-the-line banking services to individual and corporations across the country.
Headquartered in Accra, Zenith oversees 34 business locations (branches and agencies), as well as a number of POS terminals and ATMs. It is also one of the banks in Ghana providing mobile banking and real-time internet banking services.
Revenue: GHS 425.24 million (2017)
Net income: GHS 172.55 million (2017)
Total assets: GHS 4.67 billion (2017)
Barclays Bank of Ghana
Established in 1917, Barclays Bank Ghana is a subsidiary of South Africa-based Barclays Africa Group Ltd. The bank offers personal banking products and services to individual customers in Ghana. It also provides corporate, treasury, and retail products and services to businesses and corporate clients.
The financial services group manages a network of more than 70 service outlets across the country, consisting of 56 branches, two Premier suites, nine Prestige Centers, three agencies, as well as 165 ATMs.
Revenue: GHS 887.3 million (2017)
Net income: GHS 386.17 million (2017)
Total assets: GHS 5.95 billion (2017)
Agricultural Development Bank
An Act of Parliament created the Agricultural Development Bank (ADB) in 1965 to serve the banking needs of Ghana’s agricultural sector. In 1970, the bank renamed itself from Agricultural Credit and Co-operative Bank after it received full commercial banking powers.
Based in Accra, the government-owned development and commercial bank oversees a network of 64 service outlets located across the country, consisting of 50 branches, ten agency offices, and four Farm Loan Offices. It employs 1,197 staff.
Revenue: GHS 278.46 million (2016)
Net income (loss): (GHS 70 million) (2016)
Total assets: GHS 3.04 billion (2016)
Incorporated in 1997, uniBank Ghana received its banking license in 2001 and started offering financial services primarily to individual customers and small- and medium-sized enterprises. In 2009, the privately-held bank expanded into mobile and Internet banking.
In March 2018, the Bank of Ghana took over uniBank and named KPMG as administrators for the bank for six months, following the financial institution’s repeated failures to meet liquidity and reserve requirements.
As of 2017, the bank managed a network of 55 branches in nine out of the country’s ten regions.
Revenue: GHS 392.93 million (2016)
Net income: GHS 41.98 million (2016)
Total assets: GHS 5.74 billion (2016)
Société Générale Ghana Ltd
Société Générale Ghana (SG), formerly known as Société Générale – Social Security Bank (SG-SSB), started operating as one of the banks in Ghana in 1977. Incorporated in 1975 under the name of Security Guarantee Trust Limited, the bank currently operates as a subsidiary of the Société Générale banking conglomerate.
In 2004, the bank renamed itself as SG-SSB, following Société Générale’s acquisition of a 51% controlling stake in the financial services provider. In 2013, the company adopted its current name after gaining its shareholders’ approval.
Headquartered in Accra, it oversees 42 branches across the country.
Revenue: GHS 348.25 million (2016)
Net income: GHS 63.9 million (2016)
Total assets: GHS 2.45 billion (2016)
Fidelity Bank of Ghana
Fidelity Bank of Ghana, formerly known as Fidelity Discount House, received its commercial banking license in 2006. The bank offers personal, commercial, and wholesale banking products and services. As the fastest growing of indigenous banks in Ghana, it also serves the country’s unbanked and underbanked population through its Financial Inclusion Directorate unit.
Based in Accra, the bank operates a network of more than 80 branches and 112 ATMs throughout Ghana.
Revenue: GHS 522.97 million (2017)
Net income: GHS 90.43 million (2017)
Total assets: GHS 5.38 billion (2017)
National Investment Bank
State-owned National Investment Bank (NIB) currently operates as a universal bank in Ghana with a focus on development/commercial banking services. The bank also serves as a major lender to the country’s agro-processing, building and construction, manufacturing, and service sectors.
In 1963, the Ghanaian government established the NIB as a national development bank to promote and boost rapid industrialization in the local economy. Based in Accra, the bank currently manages 49 branches and three agencies across the country.
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 began operating as one of the leading merchant banks in Ghana. In 2005, the bank received its universal banking license and started offering retail banking products and services. It operates through its Personal, Private, Business, Corporate, and Internet Banking segments, with Treasury, Trade, and Credit departments.
The bank currently manages 31 branches, one UMB PPP Incubator Center, and two UMB Centers for Businesses.
Revenue: GHS 287.31 million (2017)
Net income: GHS 47.64 million (2017)
Total assets: GHS 2.99 billion (2017)
Careers in investment banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map…. For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been a guide to the top banks in Ghana. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: