The Government of Ghana’s financial sector cleanup through reform by the Bank of Ghana, saw many Ghanaian owned banks collapsing or merging to form stronger banks. The Ghanaian owned banks or indigenous banks as they are better known, were the hardest hit by this banking sector reform.

The Bank of Ghana in September 2017 raised the minimum capital reserve requirement from GHS 120 million to GHS 400 million for all universal banks in Ghana.  Following this directive, the Bank of Ghana gave banks that could not meet the new regulatory requirement from its internal funds nor from shareholders three options: to merge with other banks, close down operations in Ghana or downsize to a Savings and Loans company / to consolidate.

Ghanaian owned banks, unlike their foreign-owned counterparts, had no external partners to fall back on to raise the Bank of Ghana’s new capital reserve requirement. Therefore, many of these indigenous banks were liquidated, and their assets were handed over to take over banks. Others were merged, while a few were reduced to Savings and Loans companies.

Banks such as Royal Bank, Beige Bank, Unibank, Construction Bank and Sovereign bank that was affected by this shake-up in the banking sector merged to form Consolidated Bank Ghana Ltd. OmniBank and Sahel Sahara Bank(BSIC) also merged to form OmniBSIC Bank; Capital Bank and UT bank were taken over by GCB Bank Ltd, and GN bank was reduced into a Savings and Loans company.

Though all this seemed more of a crisis for the Ghanaian owned banks, there were still several other indigenous banks that did not only meet the new requirement but are still able to up their game to meet global standards.

Here is a list of Ghanaian owned banks thriving despite the banking crisis.

GCB Bank Limited

GCB Bank currently has over 14.2% of the Ghana banking industry’s total deposits. This makes it the largest indigenous bank, as well as the largest and strongest bank in Ghana now in terms of total operating assets, and share of the industry’s total deposits.
GCB Bank Limited is a public financial service company with 21.4% of shareholding being owned by the Government of Ghana. The remaining 78.6% is owned by the Social Security and National Insurance Trust (SSNIT) and private investors.
GCB took over all the deposits and selected assets of the defunct UT and Capital banks after the successful purchase of the banks from the Bank of Ghana. The bank’s total assets were valued at about GHC 9.7billion as of the close of 2018.

READ ALSO: GCB rolls out instant Visa, Mastercards, Union Pay.

Fidelity Bank

Fidelity Bank is one of the 27 commercial banks licensed by the Bank of Ghana, which is still thriving amidst the banking sector crisis. Fidelity Bank has over 75 branches and 120 ATMs across the country.
They were issued their Universal Banking License in 2006. The bank’s total assets stood at GHS 5.38 billion in 2017. Fidelity Bank’s interest rate currently stands at 15.12%.

Agricultural Development Bank

Agricultural Development Bank (ADB) is a development and commercial bank owned by the Government of Ghana. ADB’s shareholding is divided between the Government of Ghana and the Bank of Ghana in percentage shares of 51.83% and 48.17% respectively.
ADB was established by an Act of Parliament in 1965, making it Ghana’s first state-owned developmental bank. It is currently the leading agricultural financing institution with a whopping share of 35% of the total agricultural financing in Ghana. Despite the banking crisis, ADB has still proven itself as a bank with remarkable strength.


CalBank is a financial service retail bank established and operated in Ghana for over 30 years now. The bank’s major shareholding capacity is with the Social Security and National Insurance Trust (SSNIT). Its total assets by the close of 2019 were valued at about GHS 7,048,498,000.

Consolidated Bank Ghana Limited

Consolidated Bank was founded on August 1, 2018, resulted from a merger of five indigenous banks — Beige Bank, Royal Bank, Construction Bank, Sovereign Bank and Unibank, after failing to meet the new minimum capital reserve requirement of the Bank of Ghana. The bank is wholly owned by the Government of Ghana.

Consolidated Bank Ghana Limited currently operates 114 branches with total assets of GHS 7,434,862,000.

National Investment Bank

National Investment Bank (NIB) still maintains its position as a medium-sized bank established by the government of Ghana for development and commercial banking services. National Investment Bank operates in full capacity with 52 branches nationwide. GHS 2.65 billion was the value of its total assets as at the close of 2015.

OmniBSIC Bank Ghana Limited

OmniBSIC Bank is a private banking service born out of a merger between OmniBank Ghana and Sahel Sahara Bank(BSIC) on 4th March 2020. The bank is now a retail bank with a total asset of GHS 1.22 trillion.
OmniBSIC Bank currently operates 46 branches nationwide with a customer base of over 125,000.

Prudential Bank Limited

Prudential Bank is a private financial service owned by private entities and individuals. The medium-sized bank has over 34 branches.

Universal Merchant Bank

Universal Merchant Bank is known to have introduced retail banking in Ghana. The bank currently has 36 branches across Ghana and maintains its position as one of the leading indigenous banks making significant impacts in Ghana’s banking industry.

Universal Merchant Bank got its Universal banking license from the Bank of Ghana in 2005 but has been in operation since 1972. The bank’s total assets were valued to be worth GHS 2.99 billion in 2017.

Written by iChris.

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