The banking system in Ghana is well structured in the bid to meet the need of their economy, especially at the local level due to the losses they suffered locally during the late 1980’s. The Ghanaian government in 1989 came up with a reform in other to resuscitate the banking sector. The laws that were made required the banks to maintain a certain minimum capital base and also introduced limits to single borrowers and the risks associated with it. In the early 1990s, the banking system (banks in Ghana) was upgraded, it includes the central bank (the Bank of Ghana), three large commercial banks (Ghana Commercial Bank, Barclays Bank of Ghana, Standard Chartered Bank of Ghana), and seven secondary banks.
Even though banks in Ghana offer some of the highest lending rates in West Africa, they also enjoyed increased business in the early 1990’s because of high deposit rates. The Bank of Ghana which is the central bank of Ghana raised its rediscount rate in stages to around 35 percent by mid-1991, driving money market and commercial bank interest rates well above the rate of inflation, hence, making real interest rates substantially positive. As inflation decelerated over the year, the rediscount rate was lowered in stages to 20 percent, bringing lending rates down accordingly.
Here is a comprehensive list of Banks in Ghana including merchant banks and Agricultural banks
Access Bank (Ghana) is a member of Access Bank Group, a large financial services provider headquartered in Lagos, Nigeria. Access Bank Group operates in West Africa, Central Africa, and East Africa.
Agricultural Development Bank (ADB) – A state-owned development and commercial bank in Ghana. The Government owns 52% of the shareholdings. ADB was established in 1965 and is headquartered in Accra. At December 2011, it had total assets of approximately $684 million.
Bank of Ghana (BOG) – The central bank of Ghana established on the 4th March 1957.
Barclays Bank of Ghana – The second largest bank in Ghana. It operates a network of over 60 branches and 137 ATMs across the country. Barclays has been operating in Ghana for over 95 years. As of December 2011, it had total assets of GHS 1,906.992 million.
CAL Bank – A commercial bank in Ghana established in July 1990 and is considered to be one of the most innovative banks in Ghana. As of March 31, 2012, it had total assets of GHS 843.705 million and customer deposits of GHS 558.840 million.
Ecobank Ghana – provides retail, corporate and investment banking services. The Bank employs about 900 people and operates 53 branches across the country. As of December 31, 2011, Ecobank Ghana had total assets of GHS 2.132 billion, customer deposits of over 1.608 billion and loans and advances to customers of 849.893 million.
Fidelity Bank – One of the 27 licensed commercial banks in the country. The Bank was established in 2006 and is owned by Ghanaian and Foreign investors including ADB and SSNIT. At December 2011, Fidelity had total assets of GHS 1.031 billion.
First Atlantic Merchant Bank (FAMB) – A commercial bank in Ghana. It was established on May 4, 1994, and is headquartered in Accra, Ghana.
Ghana Commercial Bank (GCB) – The largest indigenous financial institution in the country. As of December 2011, it had total assets of over GHS 2.463 billion, customer deposits of GHS 2.061 billion and shareholders’ equity of GHS 178.240 million. The Bank has the largest banking network in Ghana with about 160 branches and over 205 ATMs.
HFC Bank Ghana (formerly Home Finance Company) – A medium-sized financial services provider in Ghana. As of December 2011, HFC had total assets of GHS 435.3 million. The Bank was incorporated in 1990 and is headquartered in Accra.
International Commercial Bank (Ghana) – A subsidiary of ICB Banking Group, an International financial services provider based in Switzerland.
Merchant Bank Ghana (MBG) – A universal bank in Ghana with 22 branches nationwide. As of December 2010, Merchant Bank had total assets of GHS 806.548 million.
National Investment Bank (NIB) – A universal bank focusing on development and commercial banking activities. As of December 31, 2011, NIB had total assets of GHS 879 million and operated 27 branches nationwide.
Prudential Bank – A commercial bank in Ghana established in 1993. As of July 2012, it had 29 Branches and 2 Agencies located in the Accra/Tema metropolis, Kumasi, Takoradi, Cape Coast and Tamale.
SG-SSB limited (formerly SSB Bank or Social Security Bank) – One of the largest banks in Ghana with over 45 branches nationwide. As of December 2011, the Bank had total assets of GHS 841.077 million and customer deposits of 625.774 million. SG-SSB operates as a subsidiary of Societe Generale Group.
Guaranty Trust Bank (Ghana) – A subsidiary of Guaranty Trust Bank Plc, one of the foremost banks in Nigeria with a Triple-A rating.
Ghana International Bank (GHIB) was established in 1959 and is based in London, United Kingdom. The Central Bank of Ghana is the major shareholder (51%) of GHIB.
Energy Bank Ghana – A commercial bank in Ghana established on 21 February 2011. As of December 31, 2011, it had total assets of GHS 200.275 million and customer deposits of GHS 107.307 million.
Citibank N.A. Ghana – The US-based Citibank has a representative office in Ghana. Address: 25 Liberia Road, Accra, Ghana. Citibank has had a presence in Africa for over 50 years and operates in 16 countries including Algeria, Cameroon, Congo, Egypt, Gabon, Ghana, Ivory Coast, Kenya, Morocco, Nigeria, Senegal, Tanzania, Tunisia, Uganda, Zambia and South Africa.
Stanbic Bank Ghana – The sixth largest bank in terms of total assets. It has 23 branches in 9 out of the 10 regions in Ghana. The company is a member of the Standard Bank Group, based in Johannesburg, South Africa.
BSIC Ghana (Banque Sahélo-Saharienne pour I’Investissement et le Commerce) – Sahel-Saharan Bank for investment and Commerce in Ghana.
Standard Chartered Bank Ghana – One of the oldest financial institutions in the country. It has been operating in Ghana since 1896. The Bank is a subsidiary of Standard Chartered PLC, based in London, United Kingdom.
The Trust Bank (TTB) – Following the acquisition of The Trust Bank by Ecobank, TTB and Ecobank have merged into a single organization. TTB is now Ecobank. TTB was established in 1996 and at December 2009, Bank’s total assets were GHS 311.75 million.
UniBank Ghana – A mid-sized financial services provider in Ghana with total assets of GHS 393.493 million and total deposits of GHS 307.871 million as of December 2010.
United Bank for Africa (Ghana) – A subsidiary of United Bank for Africa Plc, which is based in Lagos, Nigeria.
UT Bank (formerly UT Financial Services Ltd) – A medium-sized financial institution in Ghana with total assets of GHS 720.007 million and customer deposits of GHS 600.288 million as of March 31, 2012. UT Bank commenced business as a Finance house in 1997 under the name Unique Trust Financial Services.
Zenith Bank (Ghana) – A privately owned African bank established in 2005. It operates as a subsidiary of Zenith Bank Plc, one of the largest banks in Nigeria. As of December 31, 2011, Zenith Bank Ghana had total assets of approximately GHS 700 million and customer deposits of about GHS 577 million.
ARB Apex Bank – A mini Central Bank in Ghana for the Rural/Community Banks. It was established on 4th January 2000.
Bank of Africa (Ghana) – A commercial bank in Ghana offering a wide array of banking products and services including retail, corporate and SME banking. Bank of Africa started operations in Ghana in 2011 after Bank of Africa Group acquired a majority interest in Amalgamated Bank. BOA Group’s majority shareholder is Bank Maroccaine du Commerce Exterieur (BMCE Bank).
Bank of Baroda (Ghana) – A subsidiary of Bank of Baroda, one of the largest Indian banks. Bank of Baroda has been operating in Ghana since 2008. The company provides a wide range of financial services including retail banking, trade finance, SME financing, wholesale banking, remittances and NRI services.