Ranking of 20 most credible banks in Ghana revealed

Ranking of 20 most credible banks in Ghana revealed

A new report ranking 30 of Ghana’s universal banks has been launched by Credmap technology.

The assessment looked at an index of the banks compiled using Credmap technology. The research also looked at the credibility of the banks, track record, history, commentary, biography, popular sentiment and reputation.

The assessment put Standard Charted Bank as the most credible in 2018. Zenith Bank, Ecobank, United Bank for Africa and Barclays Bank completed the first five positions as the most credible banks.

Ranking of 20 most credible banks in Ghana revealed
Dr. Ernest Addison, Governor of the central bank. Source: Supplied.
Source: UGC

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Fidelity Bank and Ghana Commercial Bank, both of which are Ghanaian owned banks all made the first ten most credible banks, occupying the eighth and tenth places respectively.

All 30 of Ghana’s tier one/universal banks were subsequently benchmarked against Credmap’s measures, compared to each other, and then ranked in what became the Ghana Banking Credibility Index (GBCI), a process that was overseen by a team of senior technical analysts at Konfidants, a management consulting company based in Accra, Johannesburg and Geneva.

In this inaugural index, the primary focus was on the quality of bank boards and senior management personnel

Some major criteria in the computation of the GBCI therefore included:

Executive track record of the board & management membership

Educational qualifications of board members and senior management personnel

The emphasis on continuous professional development within the studied banks.

Reputational factors

Degree of board independence from shareholder and management control and influence (this factor was analysed using a proprietary “relationship graph” and “insider connections” rating logic).

Consistency and accuracy in board and management communications as ascertained from comments in the media, advertising, and publications, including official documentation and reports.

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Below is the full list of how the banks in Ghana fared in 2018;

  1. Standard Chartered Bank
  2. Zenith Bank (Ghana) Limited
  3. Ecobank Ghana Limited
  4. United Bank for Africa (Ghana) Ltd
  5. Barclays Bank of Ghana Ltd.
  6. Societe General (Ghana) Limited
  7. Stanbic Bank Ghana Ltd
  8. Fidelity Bank Limited
  9. Access Bank (Ghana) Limited
  10. GCB Bank Limited
  11. CAL Bank Limited
  12. Universal Merchant Bank Limited
  13. Bank of Africa Ghana Ltd
  14. Bank of Baroda (Ghana) Limited
  15. FBNBank (Ghana) Ltd
  16. Guaranty Trust Bank (Ghana) Limited
  17. First National Bank (Ghana) Ltd
  18. First Atlantic Bank Ltd
  19. GHL Bank
  20. Republic Bank (Ghana) Ltd

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