10 Biggest banks in Ghana (2024)

Banks play a critical role in many aspects of the economy. They offer funds to businesses seeking to invest and grow as well as offer services to people who intend to save money. 

There are 32 private banks in Ghana’s banking and financial sector. The Bank of Ghana is the country’s banking regulator. 

The COVID-19 pandemic exacerbated Ghana’s underwhelming revenue, high debt load, and excessive reliance on foreign financial flows, all of which harmed the country’s credit rating.

Ghana’s biggest banks

Rank	Bank	Asset Valuation (USD $)
1.	GCB bank	1.306 billion
2.	Ecobank Ghana	1.273 billion
3.	Absa bank	1.055 billion
4.	Access bank	812 million
5.	Agricultural Development bank	462 million
6.	Fidelity bank of Ghana	429 million
7.	Société Générale Ghana	407 million
8.	Zenith bank of Ghana	372 million
9.	National Investment bank	348.83 million
10.	Universal Merchant bank	260 million

1. GCB Bank  

Asset: $1.306 billion

In 2013, GCB Bank Limited, which has its main office in Accra, changed its name from Ghana Commercial Bank to what it is now. The bank was founded in 1953 as the Bank of the Gold Coast to provide financial services to the country’s farmers, business owners, and traders.

It currently offers a wide range of financial products and services to its customers, who include individuals, small and medium-sized businesses, parastatal organizations, and large corporations.

The GCB bank employed over two thousand people as of 2020, managing 180 branches and 11 agencies across Ghana. The bank has a total asset of over a billion dollars. 

2. Ecobank Ghana (EBG)

Asset: $1.273 billion

Ecobank Bank is a member of the Ecobank Group, which operates in 36 African nations. EBG was the first Ghanaian bank to receive a universal bank license from the central bank. The Trust Bank began operations in 1989 but was acquired by Ecobank Transnational in 2002.

In addition to payment and transfer options, cards and loans, e-products, microfinance, and investment options, the bank provides financial services for some Islamic finance dealings. Ecobank Ghana has 1,741 employees and 67 branches as of 2021. the bank has a total asset valuation of over a billion dollars.

3. Absa Bank Ghana 

Asset: $1.055 billion

Absa bank Ghana Limited, formerly Barclays Bank Ghana, was established in 1917 and offers personal banking products and services to the Ghanaian market. In addition, it provides retail, treasury, and banking products and services to businesses and corporate clients.

The bank has over 70 branches, including 164 ATMs, four agencies, three Premier Suites, and eight Prestige Centers.

Absa bank Ghana has a total asset of over a billion dollars as of December 2021. 

4. Access Bank Ghana

Asset: $812 million

Access bank Ghana is the 5th biggest bank in the country with an asset valuation of over 800 million dollars. The bank is controlled by Access bank plc, a Nigerian-based commercial bank.

Access bank offers a variety of services from loan offerings, to personal banking, corporate banking, and others.

5. Agricultural Development bank

Asset: $462 million

An Act of parliament in 1965 established the Agricultural Development Bank (ADB) to meet Ghana’s agricultural industry’s financial needs. In 1970, the bank changed its name from Agricultural Credit and Co-operative Bank to reflect its full commercial banking authority.

The bank is an Accra-based government-owned development and commercial bank with 64 service locations across the continent, including 50 branches, 10 agency offices, and four Farm Loan Offices. It employs 1,489 people.

The bank has a total asset valuation of over 400 million dollars as of December 2021.

6. Fidelity Bank of Ghana

Asset: $429 million

Fidelity Bank of Ghana, formerly Fidelity Discount House, received its commercial banking license in 2006. Products and services for personal, business and retail banking are offered by the bank.

Through its subsidiary, the Financial Inclusion Directorate, it serves Ghana’s underbanked and unbanked population and is the nation’s fastest-growing indigenous bank.

The bank has more than 80 branches and 112 ATMs are operated by the bank in Ghana, which has its headquarters in Accra.

The bank has a total asset valuation of over 400 million dollars.

7. Société Générale Ghana 

Asset: $407 million

Société Générale Ghana (SG), formerly Société Générale – Social Security Bank (SG-SSB). The bank was founded in 1975 under the name Security Guarantee Trust Limited but officially began operations in 1977 as one of the local banks serving the Ghanaian market. Today, the bank is a part of the Société Générale banking group. 

The bank changed its name to SG-SSB in 2004 after Société Générale bought a 51% controlling stake in the financial services provider. In 2013, the company changed to its previous name Société Générale, which it uses to this day.

It oversees 42 branches across the country from its Accra headquarters. The bank has over 400 dollars in asset valuation.

8. Zenith Bank of Ghana 

Asset: $372 million 

Zenith Bank Ghana is a subsidiary of Zenith Bank Plc, a Nigeria-based global finance provider. In 2005, the bank began offering top-notch banking services to individuals and businesses across Ghana through its universal banking division.

Zenith manages several POS terminals and ATMs from its headquarters in Accra, in addition to its 34 commercial locations (branches and agencies). The bank is one of Ghana’s banks that provides mobile banking and real-time internet banking services to customers

9. National Investment Bank 

Asset: $348.83 million

The state-owned National Investment Bank (NIB), Ghana’s universal bank, primarily provides commercial and development banking services. The nation’s manufacturing, services, building and construction, and agricultural processing industries all rely heavily on the bank for financing.

The National Investment Bank grew from the government of Ghana establishing the National Development bank in 1963 to encourage and accelerate the rapid industrialization of the country’s economy. The bank currently oversees 49 branches and three agencies across the country, with its headquarters in Accra.

The bank has a total asset valued at over 300 million dollars.

10. Universal Merchant Bank 

Asset: $260 million

Universal Merchant Bank Ghana Ltd. began operations in 1972 and is one of the largest merchant banks in Ghana. After receiving its universal banking license in 2005, the bank began offering products and services to retail customers. It operates through its Private, Business, Corporate, and Internet Banking segments, which include sections for Treasury, Trade, and Credit.

At the moment, the bank is in charge of 31 branches, two UMB Centers for Businesses, and one UMB PPP Incubator Center. The bank has assets of over 200 million dollars.

Conclusion

The central bank, commercial banks, development banks, merchant banks, and rural unit banks make up Ghana’s formal banking sector. All monetary policies in Ghana are implemented by the Bank of Ghana, the country’s central bank. There are currently 28 private banks in Ghana’s banking sector experiencing steady expansion.

Is Fidelity bank of Ghana related to Fidelity bank plc in Nigeria?

No, both companies are distinct entities bearing similar names. Fidelity bank plc in Nigeria holds no operations in the Ghanaian market.