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Knowing the types of commercial banks in Ghana will go a long way to help you decide on which banks to bank with and which ones not to associate yourself with in the country’s financial sector.

Gone were the days when we keep our monies and valuables in weird places to avoid theft and misplacing them. The introduction of commercial banks especially in Ghana has in many ways supported people of all social classes.

According to Investopedia, a commercial bank is a financial institution that accepts deposits, offers checking account services, makes various loans, and offers basic financial products like certificates of deposit and savings accounts to individuals and small businesses.

To a large extent, in a majority of countries in the world, a commercial bank is the most patronized bank since it offers a higher variety of banking services and support to clients from all walks of life and economic standing.


Types of Commercial Banks In Ghana

In Ghana, commercial banks are categorized largely into three broad headings. The name of each of these headings already explains what the banks that find themselves there are about.

Here, find a list of the types of commercial banks in Ghana as of 2022. This article should help you in that bank selection decision-making process.

1. Public/State-owned Commercial Banks

Public commercial banks in Ghana are the commercial banks that have their ownership largely attributed to the government of Ghana.

This means that even if private individuals own shares in these banks, the majority of shares and decision-making in all aspects are rested on the government. An example of a public commercial bank is the Bank of Ghana.

2. Private Commercial Banks

The term private refers to anything that is owned by individuals and not a government. With this in mind, private commercial banks are banks that are wholly owned by private individuals and companies.

To a large extent, the government may own some shares in these banks as a way of raking some profit. However, a large chunk of the shares and decision-making rests on private individuals. An example of a private commercial bank in Ghana is Guarantee Trust Bank (GTBank).

3. Foreign Commercial Banks

As the name suggests, a foreign commercial bank is one that has its headquarters in an international country and is controlled by the decisions of that country while abiding by the banking laws of the country in which it is established.

Here, both private individuals and the government are allowed to own shares. These banks may also be State-owned banks in their home countries. An example of a foreign commercial bank in Ghana is Zenith Bank.

Summary of Types of Commercial Banks In Ghana

In all, there are 3 types of commercial banks in Ghana. Each of these types is based on origin or ownership. The 3 main types of commercial banks in Ghana are;

  • Public/State-owned commercial banks
  • Private commercial banks
  • Foreign commercial banks

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Kennedy Hatekah

For me, my passion for writing is endless so don't try to interfere with it. You can find more about me on my socials as provided in the links.

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