List of Banks in Ghana

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A bank is a financial institution licensed to receive deposits and make loans.

Below is the List of Banks in Ghana

Access Bank Ghana

African Investment Ban

Agricultural Development Bank of Ghana

AmalBank

Barclays Bank

CAL Bank

Ecobank Ghana

Fidelity Bank (Ghana)

Bank of Ghana

First Atlantic Merchant Bank Ghana (FAMBG)

Ghana Commercial Bank

Guaranty Trust Bank (Ghana)

HFC Bank

Intercontinental Bank (Ghana)

Northern City Bank (Ghana)

International Commercial Bank

Merchant Bank Ghana Limited (MBG)

National Investment Bank

Prudential Bank Limited

Société Générale – Social Security Bank (SG-SSB)

Stanbic Bank

Standard Chartered Bank

Trust Bank

UniBank

United Bank for Africa

UT Bank[2

Zenith Bank

What are the 4 types of bank?

The kinds of institutions that exist in the finance industry run the gamut from central banks to insurance companies and brokerage firms.

Central Banks.

Retail Banks.

Commercial Banks.

Shadow Banks.

Investment Banks.

Cooperative Banks.

Credit Unions.

How many banks were closed in Ghana?

seven banks.

Top 30 Banks in Ghana

Absa Bank Ghana Limited

Access Bank Ghana Plc

Agricultural Development Bank of Ghana

Bank of Africa Ghana Limited

CalBank Limited

Consolidated Bank Ghana Limited

Ecobank (Ghana) Limited

FBN Bank Ghana Limited

Fidelity Bank Ghana Limited

First Atlantic Bank Limited

First National Bank Ghana

GCB Bank Limited

Guaranty Trust Bank Ghana Limited

National Investment Bank Limited

OmniBSIC Bank Ghana Limited

Prudential Bank

Republic Bank Ghana Limited

Société Générale Ghana Limited

Stanbic Bank Ghana Limited

Standard Chartered Bank Ghana Limited

United Bank for Africa Ghana Limited

Universal Merchant Bank Limited

List Of Best Banks in Ghana

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 2.437 individuals and managed 180 branches and 11 agencies across the country.

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 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 1989 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 67 branches and employed 1,741 staff as of 2021.

Net income: GHS 549.9 million (2020)

Total assets: GHS 15.97 billion (3/2021)

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 individuals 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.

Net income: GHS 172.55 million (2017)

Total assets: GHS 4.67 billion (2017)

Absa Bank Ghana Limited

Established in 1917, Absa Bank Ghana Limited, formerly Barclays Bank Ghana, offers personal banking products and services to 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 52 branches, three Premier suites, eight Prestige Centers, four agencies, 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 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 1,489 staff.

Net income : GHS 65.4 million) (2020)

Total assets: GHS 5.81 billion (3/2021)

Société Générale Ghana Ltd

Société Générale Ghana (SG), 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.

Net income: GHS 128.5 million (2019)

Total assets: GHS 5.11 billion (9/2020)

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 indigenous bank 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.

Net income: GHS 23.01 million (2020)

Total assets: GHS 3.26 billion (2020)

List Of Top 10 Biggest Banks in Ghana

Barclays Bank of Ghana

Fidelity Bank

Ecobank Ghana

Access Bank Limited

Agricultural Development Bank Ltd (ADB)

Bank of Africa Ghana

ARB Apex Bank

CAL Bank

First Atlantic bank

HFC Bank

Top 10 richest Banks in Ghana

Ghana Commercial Bank Limited (GHS 2.463 billion)

Ecobank Ghana (GHS 2.132 billion)

Zenith Bank Ghana (GHS 1.921 billion)

Barclays Bank of Ghana (GHS 1.906 billion)

Agricultural Development Bank (GHS 1.455 billion)

UniBank Ghana (GHS 1.3 billion)

Société Générale – Social Security Bank (SG-SSB Limited )(GHS 1.088 billion)

Fidelity Bank Ghana (GHS 1.031 billion)

National Investment Bank (GHS 879 million)

 Merchant Bank Ghana Ltd. (GHS 806.548 million).

Top 5 Poorest Banks in Ghana

UT Bank LTD

Loan Against Collateral

In his recently launched book, former UT Bank and Capital Bank employee, Samuel Okyere, observed that bank loans were granted mainly on loan against collateral principle, the process of lending did not follow strict credit risk best practices. In the same book, Fate of System Thinking, the author points to a failure that was more systemic, small failures over time that ultimately culminated into the entire banking crisis. 

Poor Credit Management Practices

A significant cause of bank failure is poor credit quality and deficient credit risk assessment and measurement practices; and therefore, the failure to identify or recognize an increase in credit risks in a timely manner can cause major problems. 

An observation was made that there was non-adherence to credit management principles and procedures due to the high exposure of the bank to insiders and related parties. 

Samuel Okyere also noted that the loans approval process was run as a closely coupled system and did not allow for diversity and varying opinions which led to confirmation biases. Some auditors, Boulders Advisors Limited, in a document stated that their review of “Loans Granted to Related Parties Not Connected to the UT Group” found out that there were “poor credit management practices, poor credit governance, and supervision”.

Capital Bank LTD

Capital Bank was declared insolvent by BoG in August 2017. Its liabilities greatly exceeded its assets. According to the financial analyst, Sydney Casely-Hayford, noncollectable debts of GH₵11 billion owed to Capital Bank and UT Bank resulted in the collapse of the banks.

uniBank Ghana LTD

According to the press release document by the central bank of Ghana, during its Asset Quality Review (AQR) of banks conducted in 2015, and reviewed in 2016, uniBank Ghana LTD was identified to be significantly undercapitalized. Although the bank subsequently submitted a capital restoration plan to the central bank of Ghana, the plan failed in returning them back to solvency and compliance with prudential requirements.

Hence, it was found that the bank was beyond rehabilitation.

Royal Bank LTD

The updated Asset Quality Review (AQR) of the central bank of Ghana revealed that, just as in the case of uniBank Ghana LTD, Royal Bank LTD was also significantly under-capitalized, plans to restore them back to solvency could not materialize. Hence, Royal Bank LTD was declared to be beyond rehabilitation.

Construction Bank LTD

Obtaining License under False Pretense

Construction Bank was granted a provisional license in 2016 and subsequently launched in 2017. According to the central bank of Ghana report, It emerged that Sovereign Bank LTD license was obtained by false pretenses through the use of suspicious and nonexistent capital.