The formal banking sector in Ghana comprises various types of banks, including commercial, development, merchant, and rural unit banks. This article highlights the best banks in Ghana based on factors such as their financial performance, credibility, customer satisfaction, range of products and services, and commitment to innovation and technological advancements.
These banks have established themselves as key players in Ghana’s financial landscape, offering diverse products and services to meet the needs of individuals, businesses, and corporations. They are crucial in shaping Ghana’s financial landscape and contributing to its economic progress.
To determine the credibility of these banks, we utilised data from the Credmap assessment, an innovative “credibility-rating” engine that combines crowd-rating and data mining. The resulting rankings, scores, and benchmarks provide valuable insights into the credibility of these banks. Among the top 20 credible banks in Ghana, as provided by the Ghana Banking Credibility Index (GBCI), are Zenith Bank (Ghana) Limited, Ecobank Ghana Limited, and ABSA Bank of Ghana Ltd.
In the following sections, we will delve deeper into these banks’ offerings, financial performance, and contributions, shedding light on why they are considered the best in Ghana. Read on to discover more about the 15 best banks in Ghana and their significant impact on the country’s financial landscape.
Top 10 Banks in Ghana
1. GCB Bank Limited
2. Ecobank Ghana (EBG)
3. Zenith Bank Ghana
4. Absa Bank Ghana Limited
5. Agricultural Development Bank (ADB)
6. Société Générale Ghana Ltd
7. Fidelity Bank of Ghana
8. Access Bank Ghana
9. National Investment Bank
10. Universal Merchant Bank (UMB)
1. GCB Bank Limited
Net income: GHS 445.4 million
Total assets: GHS 16.39 billion
GCB Bank Limited was formerly known as Ghana Commercial Bank. It is one of the best banks in Ghana for savings. It is a state-owned financial institution that provides a wide range of banking products and services to individuals, businesses, and corporations.
As one of the best commercial banks in Ghana, GCB Bank currently manages a robust network of over 180 branches and 11 agencies across Ghana. The bank holds operational assets valued at over $1.3 billion, aligning with its role as the largest bank in Ghana by total operational assets and industry deposit share.
GCB Bank’s commitment to Customer satisfaction is evident through its embrace of modernisation by introducing initiatives like Internet Banking (Commernet Plus), Royal Banking, Smart Pay (Fee Payments), and GCB Inland Express Money Transfer. Additionally, its MasterCard and GCB Kidistar accounts cater to evolving financial preferences.
Beyond traditional current and savings accounts, the bank extends services such as Link2Home for the Ghanaian diaspora, doorstep cash collection, loans, overdrafts, and a range of investment options, including treasury notes, fixed deposits, and call deposits, designed to cater to varying customer needs.
2. Ecobank Ghana (EBG)
Net income: GHS 549.9 million
Total assets: GHS 15.97 billion
Ecobank Ghana Limited (EBG), a subsidiary of Ecobank Transnational Incorporated (ETI), a leading pan-African banking group, is known as one of the best investment banks in Ghana. Ecobank Ghana operates as a commercial bank in Ghana, offering a comprehensive range of financial products and services to individuals, businesses, and corporate clients.
Ecobank Ghana benefits from the extensive network and expertise of Ecobank Group, which operates in over 30 African countries. This allows Ecobank to provide seamless cross-border banking services and facilitate regional trade and economic integration, making it one of the top international banks in Ghana.
The bank offers different financial services, such as services tailored for the Hajj, payment and transfer solutions, card and loan facilities, bancassurance, e-products, microfinance services, and investment opportunities.
As of 2021, EBG boasts an extensive network of 67 branches and employs 1,741 dedicated professionals.EBG’s asset portfolio amounts to an impressive $1.273 billion. Its commitment is embodied by an outstanding return on average equity (ROAE) of 26 per cent and a return on average assets (ROAA) of 3.8 per cent.
3. Zenith Bank
Net income: GHS 172.55 million
Total assets: GHS 4.67 billion
Zenith Bank (Ghana) Limited is a subsidiary of Zenith Bank Plc, a leading financial institution based in Nigeria. It has carved a formidable presence in the economic landscape with a shareholders’ equity of $854 million as of December 31, 2019.
Zenith Bank Ghana’s substantial presence in Ghana offers various banking services, including savings and current accounts, loans and credit facilities, trade finance, treasury services, cash management, and electronic banking solutions. This reflects the bank’s overarching vision: to establish the Zenith brand as a distinguished international financial services network recognised for innovation, unparalleled customer service, and exceptional performance, all while generating premium value for stakeholders.
The bank operates a network of 34 commercial locations, encompassing branches and agencies, further supported by a host of POS terminals and ATMs under the aegis of its Accra headquarters. Zenith Bank is at the forefront of modern banking, offering real-time internet and mobile banking services to its esteemed clientele.
4. Absa Bank Ghana Limited
Net income: GHS 471.1 million
Total assets: GHS 13.23 billion
Absa Bank Ghana Limited, originally known as Barclays Bank Ghana, was established in 1917. Catering to the diverse needs of Ghanaian consumers, the bank offers an array of personal banking products and services. Notably, it extends its expertise to businesses and corporate clients, rendering essential services in corporate, treasury, and retail banking.
Operating with a commitment to accessibility, Absa Bank Ghana oversees a robust network comprising over 70 service locations across the nation. This includes a comprehensive range of touchpoints, such as 164 ATMs, four agencies, three Premier Suites, 52 branches, and eight Prestige Centers.
Absa Bank Ghana provides comprehensive retail, business, corporate, investment, and wealth management solutions. Emphasising value and access, the bank’s offerings extend to affordable financial solutions, including a GHS 24-per-month package encompassing top-notch financial services and complimentary personal accident and travel insurance.
5. Agricultural Development Bank
Net income: GHS 65.4 million
Total assets: GHS 5.81 billion
The Agricultural Development Bank (ADB) is a state-owned financial institution in Ghana that focuses on providing banking services and financial support to the agricultural sector. Initially known as the Agricultural Credit and Co-operative Bank, it was later changed to its current name, Agricultural Development Bank, in 1970 after it obtained full commercial powers.
ADB offers a range of banking products and services tailored to meet the specific needs of farmers, agribusinesses, and other stakeholders in the agricultural value chain. These services include agricultural loans, savings and current accounts, trade finance, agribusiness advisory services, and electronic banking solutions.
According to our research, ADB contributes about 35% of Ghana’s total industry financing for agriculture. Its contributions are Important in fostering the growth and modernisation of the agricultural sector.
In September 2010, ADB was named Bank of the Year at the Africa Investor Agribusiness Awards in Durban, South Africa. The Agricultural Development Bank also played a key role in extending institutional loans to the agriculture sector, accounting for around 85% of such loans.
The Agribusiness Division of ADB comprises the Agricultural Value Chain Department and Agricultural Services Department. The former is dedicated to nurturing useable value chains in the primary production sector, while the latter facilitates financial intermediation for agro-marketing, agro-processing, and agricultural support sub-sectors.
6. Société Générale Ghana Limited
Net income: GHS 128.5 million
Total assets: GHS 5.11 billion
Société Générale Ghana Limited is a subsidiary of Société Générale Group, a leading international banking and financial services company based in France. Société Générale Ghana operates as a commercial bank in Ghana, offering a wide range of banking products and services to individuals, businesses, and corporate clients.
With its headquarter in Accra, the bank efficiently manages a network of 42 branches throughout the nation, cementing its significance within the financial landscape.
As a beacon of financial excellence, Société Générale Ghana Ltd. continues to serve as a trusted partner for discerning customers, leveraging its rich history and strong affiliations to navigate the ever-evolving currents of the banking industry with finesse and dedication.
7. Fidelity Bank of Ghana
Net income: GHS 90.43 million
Total assets: GHS 5.38 billion
Fidelity Bank Ghana Limited, commonly known as Fidelity Bank, is a commercial bank which operates in Ghana. Established in 2006, Fidelity Bank has become one of the prominent banks in the country, offering various financial products and services to individuals, businesses, and corporate clients.
Fidelity Bank has quickly become a prominent commercial bank in Ghana. The institution’s ownership rests in the hands of foreign investors, demonstrating its global orientation. Notably, by 2011, Fidelity Bank had amassed substantial total assets, surpassing 1 billion GHS.
The bank’s commitment extends beyond traditional banking as it serves the unbanked and underbanked segments of the population through its dedicated unit, the Financial Inclusion Directorate. Based in Accra, the bank boasts an extensive network of over 80 branches and 112 ATMs strategically positioned across Ghana, reinforcing its accessibility and outreach.
8. Access Bank Ghana
Net income: GHS 310.83 Million
Total assets:GHS 9 Billion
Access Bank Ghana is a subsidiary of Access Bank Plc, a leading financial institution based in Nigeria. It was established in 2009 and has rapidly ascended to become one of the largest banks in the country, with an asset valuation exceeding 800 million dollars.
Access Bank Ghana Plc is a full-service commercial bank offering diverse financial services to customers, including savings and current accounts, loans and credit facilities, trade finance, treasury services, cash management, and electronic banking solutions.
The bank is known for its commitment to delivering excellent customer service and innovative banking solutions to meet the diverse needs of its customers.
The Access Bank Group’s extensive footprint across Africa is a testament to its commitment to fostering economic growth, enhancing financial inclusion, and contributing to the continent’s economic prosperity.
9. National Investment Bank
Net income: GHS 120.11 million
Total assets: GHS 2.65 billion
The National Investment Bank (NIB) is a state-owned financial institution in Ghana. Established in 1963, NIB plays a crucial role in providing financial support for investment projects and promoting economic development in Ghana.
The bank is a crucial financier for various national sectors, including manufacturing, services, building and construction, agricultural processing industries, and small and medium-sized enterprises (SMEs).
NIB offers a range of banking products and services to individuals, businesses, and corporate clients. These services include savings and current accounts, loans and credit facilities, trade finance, treasury services, cash management, and advisory services.
With its headquarters in Accra, the bank manages a widespread network comprising 49 branches and three agencies, ensuring a broad reach of its services across the country. This extensive reach ensures that the bank’s services are accessible to individuals, businesses, and stakeholders nationwide.
By providing financial support and expertise, NIB plays a vital role in facilitating investment, promoting entrepreneurship, and supporting the development of industries across Ghana. Through its comprehensive range of banking services and focus on key sectors, NIB continues to contribute to the country’s economic advancement and the realisation of its long-term development goals.
10. Universal Merchant Bank Ghana Ltd
Net income: GHS 23.01 million
Total assets: GHS 3.26 billion
Universal Merchant Bank Ghana Ltd. was founded in 1972 and has consistently maintained its position as one of Ghana’s most successful and renowned merchant banks. The bank’s achievements over the years have solidified its reputation as a key player in the country’s financial landscape.
With the acquisition of its universal banking license in 2005, Universal Merchant Bank (UMB) embarked on a mission to provide an extensive range of goods and services tailored to meet retail customers’ specific needs and preferences. This customer-centric approach underscores the bank’s commitment to delivering personalised banking solutions.
UMB’s operations are divided into several divisions, including Private, Business, Corporate, and Internet Banking. These divisions encompass specialised areas such as Treasury, Trade, and Credit, enabling the bank to offer comprehensive financial solutions.
The Universal Merchant Bank Ltd has 22 branches spread across the magnificent country of Ghana. The bank’s corporate headquarters is situated in Accra, the capital city of Ghana and a pivotal economic and cultural hub.
Universal Merchant Bank Ghana Ltd. started its journey in 1972, growing to become one of the largest merchant banks in the country. The pivotal moment came in 2005 when the bank received its universal banking license, marking its expansion into retail banking products and services.
Operational divisions such as Private, Business, Corporate, and Internet Banking, each encompassing specialised areas like Treasury, Trade, and Credit, enable the bank to offer a broad spectrum of financial solutions.
As of the end of the year 2010, Universal Merchant Bank reported total assets valued at approximately 806 million Ghana cedis, signifying its substantial presence and contribution to Ghana’s financial sector.
Top 10 International Banks in Ghana
Ghana is home to various international banks. These banks provide various banking services such as savings and current accounts, loans and credit facilities, trade finance, treasury services, cash management, and electronic banking solutions to cater to the diverse needs of individuals, businesses, and corporate clients in Ghana.
Here are 10 international banks operating in Ghana:
1. Zenith Bank
2. ABSA Bank (formerly Barclays Bank)
3. Ecobank Transnational Incorporated
4. United Bank for Africa (UBA)
5. Access Bank
6. Fidelity Bank
7. Société Générale
8. Standard Chartered Bank
9. First National Bank (FNB)
10. Bank of Africa
Top 10 Rural Banks in Ghana
Rural banks play an essential role in providing financial services and support to rural communities in Ghana, contributing to their economic development and empowerment.
Here are 10 rural banks in Ghana:
| Bank | Location | Email address | Telephone no. |
| Asubonten Rural Bank Limited | Gyamerakrom | [email protected] | 0203202332 |
| Amansie West Rural Bank Limited | Antoakrom | [email protected] | 0277599442 |
| Atwima Kwanwoma Rural Bank Limited | Pakyi No2 | [email protected] | 0322036771 |
| Builsa Community Bank Limited | Sandema Town | [email protected] | 0242973741 |
| Mepe Area Rural Bank Limited | Mepe | [email protected] | 0246848824 |
| Sefwiman Rural Bank Limited | Bibiani | [email protected] | 0322092369 |
| Odotobri Rural Bank | Amansie Central | [email protected] | 0322091454 |
| Kintampo Rural Bank Limited | Serwaba | [email protected] | 0501255072 |
| Otuasekan Rural Bank Limited | Atonoso | [email protected] | 0322092002 |
| Akuapem Rural Bank Limited | Mamfe | [email protected] | 0342195878 |
Comprehensive List of Banks in Ghana and Their Ratings
| Bank Name | Address | Phone Number | Ratings | |
| Absa Bank Ghana Limited | Absa House J.E. Atta-Mills High Street Accra P.O. Box GP2949, Accra | 233-302-429150 | [email protected] | 4.6 |
| Access Bank (Ghana) Plc | Starlets’ 91 Road, Opposite Accra Sports Stadium, Osu P. O. Box GP 353, Accra, Ghana | 233-302-661769, 233-302-684858, 233-302-661613 | [email protected] | 4.5 |
| Agricultural Development Bank Limited | Accra Financial Centre, 3rd Ambassadorial Development Area, Ridge-Accra, P.O. Box 4191, Accra-Ghana | 233-302-770403, 233-302-762104, 233-302-783123,233-302-784394,233-28-9255880,233-28-9225881 | [email protected] | 4.4 |
| Bank of Africa Ghana Limited | Head Office,1st Floor, Block A&B,The Octagon, Independence Avenue P.O. Box C1541 Cantonments, Accra – Ghana | 233-302-249690,233-302-249679/83/98,233-302-249683,233-302-249683,233-302-249698 | [email protected] | 4.1 |
| CalBank PLC | Head Office 45 Independence Ave P.O. Box 14596 Accra – Ghana | 233-302-680061, 233-302-680069 | [email protected] | 4.1 |
| Consolidated Bank Ghana Limited | First Floor, Manet Tower 3, Airport City, Accra PMB CT363, Cantonments, Accra | 233 302-634330, 233 302-634359, 233 302-216000 | [email protected] | 4.0 |
| Ecobank Ghana Limited | 2 Morocco Lane, Off Independence Avenue, P.O. Box: P.O. Box AN 16746, Accra North – Ghana | 233 302-681146/8, 233 302-213999 | [email protected] | 4.7 |
| FBNBank (Ghana) Limited | Head Office, Plot No. 678, Liberation Road, Airport, Accra, PMB No. 16, Accra North, Ghana | 233-302-236136/235684, 233-302-238510, 233-302-235684, 233-302-236136, 233-302-235819 | [email protected] | 4.2 |
| Fidelity Bank Ghana Limited | Ridge Towers – Ridge, Accra. PMB 43, Cantonments, Accra, Ghana. | 233-302-214490 | [email protected] | 4.5 |
| First Atlantic Bank Limited | 233 -302-68 2203, 233-302-68 0825 | 233 -302-68 2203, 233-302-68 0825 | [email protected] | 4.0 |
| First National Bank (Ghana) Limited | Head Office, 6th Floor, Accra Financial Centre, Cnr. Independence Ave./Liberation Road, P.O. Box T.U. 23, Accra-Ghana | 233-302-242435050 | [email protected] | 4.0 |
| GCB Bank Limited | Head Office, High Street, 2 Thorpe Road, P.O. Box 134, Accra | 233-302-672852, 233-302-664918, 233-302-663964, 233-302-672852-4, 233-302-672859, 233-302-672865, 233-302-663480, 233-302-664910 | [email protected] | 4.7 |
| Guaranty Trust Bank (Ghana) Limited | 25A, Castle Road, Ambassadorial Enclave, Ambassadorial Enclave, Ridge, PM.B CT 416, Accra – Ghana | 233-302 – 680668, 233-302 – 676462, 233-302 – 687751, 233-302 – 680662, 233-302 – 680746, 233-302 – 676681, 233-302 – 201027, 233-303 – 201048, 233-302 – 816621-3 | [email protected] | 4.0 |
| National Investment Bank Limited | Head Office, 37 Kwame Nkrumah Avenue, P.O. Box 3726, Accra, Ghana | 233-302-661701 | [email protected] | 4.0 |
| OmniBSIC Bank Ghana Limited | C9/14 Dzorwulu, Olusegun Way, Opposite Allied Oil Filling Station, P.O. Box KN 5569, Kaneshie, Accra | 233-307-086000 | [email protected] | 3.9 |
| Prudential Bank Limited | Head Office, Ring Road Central, PMB – General Post Office, Accra – Ghana | 233-302-781200-7 | [email protected] | 3.9 |
| Republic Bank (Ghana) PLC | Head Office, Ebankese No. 35, Sixth Avenue, North Ridge, Accra – Ghana, P.O. Box CT 4603, Cantonments, Accra – Ghana | 233-302-242090-2, 233-302-242090-4 | [email protected] | 4.0 |
| Societe General (Ghana) Limited | Head Office, P. O. Box 13119, Ring Road Central Accra, Accra – Ghana | 233-302-202001, 233-302-248920, 233-577606464 | [email protected] | 4.4 |
| Stanbic Bank Ghana Limited | Head Office, Stanbic Heights, 25 Liberation Link, Airport City, P.O. Box CT 2344, Cantonments, Accra-Ghana | 233-302-687670-8, 233-302-687671, 233-302-687672, 233-302-687673-9 | [email protected] | 4.1 |
| Standard Chartered Bank (Ghana) Limited | Head Office, No. 87 Independence Avenue, P.O. Box 768, Accra | 233-302-664591-8, 233-302-740100 | [email protected] | 4.0 |
| United Bank for Africa (Ghana) Limited | PMB 29, Ministries, Heritage Towers, Ambassadorial Enclave, Off Liberia Road, Ridge, Accra-Ghana | 233-302- 674085, 233-302-674089, 233-302-674056 | 4.0 | |
| Universal Merchant Bank Limited | Airport City, SSNIT Emporium, P.O. Box 401, North Ridge, Accra-Ghana | 233-302- 666331/6 | [email protected] | 4.2 |
| Zenith Bank (Ghana) Limited | Head Office, Zenith Heights, No. 31 Independence Avenue, PMB CT 393, Cantonments, Accra | 233-302-660075, 233-302-611500, 233-302-660079, 233-302-660091, 233-302-660093, 233-302-660095 | [email protected] | 4.5 |
Conclusion
Ghana’s banking sector presents a diverse landscape of banks catering to various financial needs. Top players like GCB Bank, Ecobank, and Standard Chartered have solidified their positions through economic strength, innovation, and customer-centric approaches. International banks such as ABSA and Fidelity Bank also contribute significantly.
The rural banking sector, represented by institutions like Amansie West Rural Bank and Builsa Community Bank, also plays a crucial role in supporting rural communities. With the country’s robust banking infrastructure and a range of services, individuals, businesses, and investors have ample choices to meet their financial goals.
Frequently Asked Questions
Which bank is best for foreigners in Ghana?
ABSA Bank, Standard Chartered, and Stanbic – are recommended for foreigners in Ghana. Therefore, it is impossible to determine which bank is the best for foreigners in Ghana.
Which bank in Ghana is good for investments?
Stanbic Bank Ghana is a top choice regarding investment opportunities in the country. The bank excels at assisting customers in generating positive impacts socially, economically, and environmentally. It holds a prominent position in Africa due to its distinct financial and investment solutions that stand out.
Which bank is the safest in Ghana?
Global Finance has recognised GCB Bank Limited as the safest bank in Ghana. Among the 33 banks in Ghana, GCB is the only one mentioned in the announcement, highlighting the safest options in commercial and emerging markets, among other categories.
Which is the best bank in Ghana for savings?
GCB Banks is ranked as the best bank in Ghana for savings, other banks like Zenith Bank Ghana, Ecobank Ghana, UBA Ghana, and ABSA Bank offer great savings options.
What are the Government banks in Ghana?
Some of the government-owned or state-owned banks in Ghana include:
- Agricultural Development Bank (ADB)
- National Investment Bank (NIB)
- Ghana EXIM Bank (Ghana Export-Import Bank)
How many banks are in Ghana?
There are 28 private banks operating in Ghana’s banking and financial sector. Additionally, the Bank of Ghana serves as the country’s central monetary authority.
Can I use PayPal in Ghana?
No, PayPal is not directly available in Ghana due to restrictions. However, Ghanaians can still create a verified PayPal account using another country not restricted by PayPal.
Which bank is best for online transactions in Ghana?
Zenith Bank is the best bank for online transactions in Ghana.
Can a Nigerian have a bank account in Ghana?
Yes, a Nigerian can have a bank account in Ghana. Many banks in Ghana offer account services for citizens and expatriates, including Nigerians. One typically needs a work and residence permit to open a bank account in Ghana.