Ecobank Ghana continued to remain the biggest bank in Ghana with a Tier-1 capital of $228 million at the end of 2024, The Banker’s Top 100 African Banks for 2024 has revealed.
This was followed by Access Bank Ghana in 2nd position with a capital of $216 million and GCB Bank with capital of $212 million. Standard Chartered Bank Ghana placed 4th with a capital of $168 million.
In Africa, Ecobank Ghana placed number 88th whilst Absa Ghana, GCB Bank and Standard Chartered Bank Ghana were 92nd, 95th and 100th respectively.
The report disclosed that Ghana’s top banks maintain strong Tier-1 capital positions despite economic challenges and currency depreciation
“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”.
It explained that their ability to navigate currency fluctuations and macroeconomic challenges has been critical in sustaining confidence in the financial sector.
The report added that Ecobank Ghana has focused on corporate and SME lending, which has bolstered its revenue streams, even amid currency depreciation pressures.
Similarly, Absa Bank has successfully maintained a healthy capital position while navigating Ghana’s economic landscape.
Also, GCB Bank’s diversified portfolio and strategic focus on digital banking have helped it maintain a stable balance sheet despite economic challenges.
The report continued that 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.
The Banker’s Top 100 African Banks for 2024 provides insights into the performance of financial institutions across the continent.
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