Ecobank Ghana and GCB Bank controlled about 23.9% of the banking industry market share in terms of deposits in 2020, according to research analysis by investment firm, Tesah Capital.

However Zenith Bank was the best bank in Ghana last year in terms of financial performance.

Ecobank Ghana and GCB Bank continued to show their dominance in the banking industry, controlling almost a quarter of the industry’s deposits.

Whilst, Ecobank Ghana led the pack with 12.4% of the market share in 2020, GCB Bank controlled about 11%.  

The two banks also operate digital platform that enables customers to undertake several transactions. This has help them to grow and increase their deposits.   

Stanbic, Absa, Consolidated Bank Ghana, Fidelity and Standard Chartered Bank placed 3rd, 4th, 5th, 6th and 7th respectively.

On loans, Ecobank Ghana dominated the industry, controlling 10.4% of the assets last year.

Absa, Stanbic and GCB followed suit in 2nd, 3rd and 4th respectively.

Meanwhile, Zenith Bank maintained its number one position as the best bank in financial performance in 2020.

Standard Chartered Bank moved into the 2nd position, whilst Ecobank which was 2nd in 2019 and GCB Bank placed 3rd and 4th respectively.

On the contrary, FBN Ghana, UMB and Prudential Bank were the least ranked banks. National Investment Bank and OmniBSIC were not captured in the report.

The rankings emanated from an assessment of the credit worthiness and performance of the banks using capital adequacy ratio, assets size, management capability, earnings and liquidity.

Deposits

Banks Market share (%)
Ecobank Ghana12.4
GCB Bank11.5
Stanbic9.7
Absa6.6
Consolidated Bann Ghana6.6
Fidelity6.3
Standard Chartered Bank5.6
Zenith5.6
CAL4.3
ADB4.1
Others27.2

Loans

BanksMarket share (%)
Ecobank Ghana10.4
Absa9.9
Stanbic9.2
GCB Bank8.0
Societe Generale5.4
Fidelity5.1
CAL5.0
ADB4.0
Prudential3.6
Standard Chartered Bank3.6

2020 Performance Evaluation and Ranking

                                            2020 2019

Zenith Bank11
Standard Chartered Bank25
Ecobank Ghana32
GCB Bank44
Fidelity57
Guaranty Trust Bank66
Access712
Stanbic89
Absa98
Consolidated Bank Ghana1010