Ghana’s top 4 banks by tier 1 capital in 2024

The latest edition of The Banker’s Top 100 African Banks for 2024 provides insights into the performance of financial institutions across the continent.

• Ghana’s top banks maintain strong Tier 1 capital positions despite economic challenges and currency depreciation
• Profitability among ranked African banks remains buoyant, with an aggregate pre-tax profit of 18.2%
• Absa Bank Ghana ranked 92 with a capital of $216 million and has a diversified portfolio and strategic focus on digital banking

While economic challenges and currency depreciation have affected major markets like South Africa and Nigeria, Ghana’s leading banks have demonstrated resilience, maintaining strong Tier 1 capital positions.

Performance of Ghana’s Top Four Banks

Despite economic headwinds, the top four banks in Ghana by Tier 1 capital—GCB Bank, Ecobank Ghana, Standard Chartered Bank Ghana, and Absa Bank Ghana—have continued to show stability.

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Their ability to navigate currency fluctuations and macroeconomic challenges has been critical in sustaining confidence in the financial sector.

1. Ecobank Ghana – A key player in Ghana’s banking sector, Ecobank Ghana has leveraged its pan-African presence to sustain growth. Ecobank ranked 88, while its capital is $228 million.

The bank has focused on corporate and SME lending, which has bolstered its revenue streams, even amid currency depreciation pressures.

1. Absa Bank Ghana – Absa’s innovative approach to digital banking and strong corporate banking segment have contributed to its resilience.

The bank has successfully maintained a healthy capital position while navigating Ghana’s economic landscape. Absa Bank Ghana ranked 92, while it’s capital is $216 million.

1. GCB Bank – As Ghana’s largest bank by Tier 1 capital, GCB Bank has remained a strong pillar of the financial system. GCB ranked 95, while it’s capital is $212 million

The bank’s diversified portfolio and strategic focus on digital banking have helped it maintain a stable balance sheet despite economic challenges.

1. Standard Chartered Bank Ghana – This institution continues to benefit from its strong risk management framework and focus on premium banking services. Standard Chartered Bank Ghana ranked 100, while it’s capital is $168 million.

While local currency depreciation has affected its balance sheet in dollar terms, its solid capital position has ensured steady profitability.

Macroeconomic Impact and Regional Trends

Across Africa, profitability among ranked institutions remains buoyant, with an aggregate pre-tax profit of 18.2%. However, the depreciation of local currencies has impacted balance sheets, with 52 institutions experiencing a decrease in asset bases and 41 recording a decline in Tier 1 capital.

South African banks, which account for 40% of the total asset base of Africa’s Top 100 banks, have been particularly affected by economic stagnation and a weakening rand.

While Standard Bank, the continent’s largest lender, saw a minor improvement in its Tier 1 capital, its asset base contracted by 2.5% in dollar terms.

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Meanwhile, banks in Morocco and Egypt have provided a counterbalance, showing relatively stronger performances compared to their counterparts in sub-Saharan Africa.

Ghana’s Banking Sector Outlook

With Ghana’s economic recovery efforts underway, the country’s leading banks are expected to play a crucial role in stabilising the financial sector. Their ability to maintain solid capital positions, drive digital banking innovation, and support key sectors of the economy will be instrumental in sustaining growth.

As regional challenges persist, the resilience of Ghana’s banking giants will be essential in ensuring financial stability and fostering economic development in the years ahead.

Ghana’s top 4 banks by tier 1 capital in 2024