Ghana has a number of banks both local and foreign, with each of these categories operating based on the license they have acquired. But what are the best banks in Ghana 2020?
In this article, I have made the necessary searches and have the needed information on the best banks in Ghana in 2020 as well as some other details.
A bank is a financial institution licensed to receive deposits and make loans and may also provide financial services such as wealth management for interested clients.
In Ghana, there are commercial banks, investment banks, agricultural banks, savings and loans institutions, and rural banks among others tasked with unique operations.
Commercial, investment, and rural banks are the most widespread banks in Ghana with branches located in many of the country’s cities and towns.
Best Banks In Ghana 2020
The best banks in Ghana 2020 are the banks that provide the best rates on investment as well as lower interest/lending rates to customers who operate with them.
These are also banks that have fulfilled all legal obligations associated with the country’s banking laws including the financial will.
In 2017, the Bank of Ghana amended the capital requirement needed to operate a bank in Ghana. This, the institution referred to as “the banking sector reforms”.
Here is a list of banks that as of the end of 2018 have fulfilled the minimum capital requirement, and have newed and maintained their licenses to operate as the best banks in Ghana.
Features of The Best Banks in Ghana
With the new reform coming into force by the end of 2018, there are some basic requirements that must be met by banking institutions in Ghana. The features are;
- Minimum capital of GHC400 million
- Operating fixed assets
- Conform to BoG lending policies
- Physical location
- Good investment rates
What Are The Best Ghanaian Banks In 2020?
The list includes;
- GCB Bank PLC
- Prudential Bank Ltd
- Consolidated Bank
- Republic Bank
- Agricultural Development Bank (adb)
- Data Bank
- ABSA Bank
- Barclays Bank
- Fidelity Bank
- Standard Chartered Bank
- First National Bank
- Universal Merchant Bank
- Stanbic Bank
- Access Bank
The banks listed above are authorized by the Bank of Ghana (BoG) to operate under the legal banking frameworks. We can refer to them as the best banks in Ghana in 2020.