The banking sector in Ghana includes the central bank alongside many other banks such as merchant banks, development banks, and numerous rural units. Ghana’s central bank (the Bank of Ghana) handles the processes associated with implementing monetary policies. Other major banks in the West African country include Barclays Bank of Ghana, Standard Chartered Bank, and Ghana Commercial bank, which are the big three regarding commercial banking. Besides the commercial banks, there are seven other secondary banks in Ghana and tons of others discussed in this list of banks in Ghana 2019 below.
The Ghanaian banking sector has seen steady growth over the recent past. This growth has been possible due to the privatization of some government-owned banks, which increases competition in the industry. Below is a summary listing Ghana banks including international banks that have since come up, as the sector grows further in the country.
Access Bank (Ghana)
Access Bank Ghana belongs to the more extensive Access Bank Group based in Lagos, Nigeria. The financial giant has set up shop in other parts of Africa including East Africa and Central Africa besides West Africa.
ADB (Agricultural Development Bank)
ADB is one of the banks owned by the government of Ghana, which controls slightly over half (52 percent) of the bank’s shares. The bank has been around since 1965 and has its headquarters in the country’s capital city Accra. As of 2011, ADB had assets worth over 684 million dollars under its belt.
BOG (Bank of Ghana)
As mentioned earlier, BOG is Ghana’s central bank. The bank has been around since 1957, its year of establishment.
Barclays Bank of Ghana
Barclays comes in at second place regarding largest banks in the West African country. The bank comprises an extensive network of more than 60 branches plus 137 ATMs across Ghana. Barclays has been operational for almost a century now and had assets worth around 1.96 billion GHS as of 2011.
CAL Bank is a commercial bank that has been around since 1990. Financial experts and the public consider it one of the leading banks when it comes to innovativeness. As of 2012, CAL Banks boasted of customer deposits worth 558 million GHS and total assets valued at 843 million GHS.
This bank offers investment, retail, and corporate banking products and services. The company operates under the workforce of around 900 people in 53 branches in Ghana. Ecobank had deposits, loans, and total assets worth 1.68 billion, 843 million, and 2.1 billion GHS respectively as of 2011.
Established in 2006, Fidelity Bank has grown to become a leading commercial bank in Ghana. The bank is under ownership of foreign investors and recorded total assets worth over 1 billion GHS in 2011.
GCB (Ghana Commercial Bank)
GCB is the most prominent local financial institution in Ghana. It has more than 200 ATMs and 160 branches spread out throughout the country. In 2011, the bank recorded assets, deposits, and shareholder equity worth 2.5 billion, 2 billion, and 178 million GHS respectively.
FAMB (First Atlantic Merchant Bank)
FAMB is another Ghanaian commercial bank established in 1994. The bank’s headquarters are in the capital city, Accra.
Previously identified as Housing Finance Company, HFC is one of the leading medium-sized banks in Ghana. Headquarters are in Accra, and the bank recorded assets worth 435 GHS in 2011.
ICB (International Commercial Bank) Ghana
ICB Ghana is a subsidiary of a Switzerland based international financial service provider known as the ICB Banking Group.
Universal Merchant Bank
Formerly known as Merchant Bank Ghana, Universal Merchant Bank is a Ghanaian bank with 22 branches spread across the country. Universal Merchant Bank recorded total assets worth around 806 million GHS as of the end of 2010.
NIB (National Investment Bank)
NIB is a universal bank that specializes in commercial and development banking. By the end of 2011, the bank had 879 million GHS worth of total assets stemming from its 27 branches found in different parts of Ghana.
Prudential Bank came into existence in 1993. By mid-2012, Prudential Bank had two agencies and 29 branches operating in various major Ghanaian towns such as Accra, Tamale, Cape Coast, Tamale, and Kumasi.
Formerly Social Security Bank (SSB), SG-SSB is one of the most prominent banks in Ghana with more than 45 branches in Ghana. The bank runs as a subsidiary of Societe Generale Group and recorded deposits and total assets worth 625 million and 841 million GHS respectively.
Guaranty Trust Bank Limited
Founded in 2004, Guaranty Trust Bank Limited is a subsidiary of Guaranty Trust Bank Plc. The latter is one of the leading banks in neighboring Nigeria and boasts of a Triple A rating.
GHIB (Ghana International Bank)
Established in 1959, GHIB targets Ghanaians in other countries by taking local services to them. The UK-based bank provides a bridge to local banks for its international customers. Fifty one percent of the bank’s stake is under the Central Bank of Ghana.
Energy Bank Ghana
Energy Bank Ghana is a subsidiary of Global Fleet Group founded in 2009. As of 2011, the bank recorded 200 million and 107 million GHS as total assets and customer deposits respectively.
Citibank NA Ghana
Citibank NA Ghana is a representative of the American-based Citibank in the country. It is one of the banks in Accra and has its offices along Liberia Road. Citibank has been present in Africa for more than half a century and is present in 17 other African countries.
Stanbic Bank (Ghana)
Stanbic is one of the top banks in Ghana. When it comes to total assets, Stanbic ranks sixth. The bank is present in nine out of the ten regions in Ghana with more than 20 branches. Stanbic Bank Ghana is part of the extensive Standard Bank Group of South Africa.
BSIC Ghana (Banque Sahelo-Saharienne Pour L'Investissment et le Commerce)
The bank’s French names translate to Sahel-Sahara Bank for investment and Commerce. BSIC came into existence driven by the Pan-African vision various presidents of CEN-SAD Community, which Ghana joined in 2005.
Standard Chartered Bank
This bank has been in operation in the Gold Coast since the late 19th century making it one of the oldest in Ghana. It is a subsidiary of the UK-based Standard Chartered PLC.
TTB (The Trust Bank)
TTB merged with Ecobank after the latter acquired it and is currently known as Ecobank too. The bank started in 1996, and its total assets stood in at 311 million GHS as of December 2009.
UniBank is a local private commercial bank classified as a medium-sized financial service provider in Ghana. In 2010, UniBank registered total assets worth 393 million GHS including customer deposits worth about 307 million GHS.
United Bank for Africa (Ghana)
This bank is a subsidiary of the Lagos-based United Bank for Africa PLC. The Ghanaian version of the United Bank for Africa started in 2005 and operates 32 ATMs and 24 branches spread across different towns in the country.
UT Bank Ghana Limited
UT Bank was at one time a commercial bank in Ghana. However, the Central Bank of Ghana revoked its license in 2017. The Ghana Commercial Bank has since taken over all of what used to be UT Bank’s operations.
Zenith Bank (Ghana)
Zenith Bank began universal banking operations in Ghana in 2005. It is a subsidiary of Nigeria-based Zenith Bank PLC. By the end of 2011, Zenith posted customer deposits worth around 577 million GHS and total assets valued at about 700 million GHS.
Bank of Africa (Ghana)
Bank of Africa Ghana specializes in a variety of banking services and products such as SME, corporate and retail banking. The bank began operations in Ghana in 2011 soon after acquiring a majority share in Amalgamated Bank.
Bank of Baroda (Ghana)
Bank of Baroda is a subsidiary of a similarly named leading Indian bank. The bank started operations in Ghana 2008 and offers numerous financial services including SME banking, trade finance, and remittances among others.
ARB Apex Bank
ARB Apex serves as a version of a central bank for RCBs (Rural and Community Banks). The bank began operations in 2001 and has since seen the opening of nine branches across various towns in Ghana. It is available in Kumasi, Tamale, Accra, Takoradi, Hohoe, Sunyani, Koforidua and Bolgatanga.