PwC Survey: Ecobank, GCB and Stanbic are three biggest banks in Ghana

PwC Survey: Ecobank, GCB and Stanbic are three biggest banks in Ghana

Ecobank Ghana, GCB Bank and Stanbic Bank have been adjudged as the three biggest banks in the country by audit firm, PricewaterhouseCoopers.

Per the audit firm’s 2022 Ghana Banking Survey Report, Ecobank Ghana and GCB Bank maintained their market share of 11.93% and 11.43% with Stanbic Bank consolidating its gains and firming its 3rd position with a market share of 9.29%. Stanbic Bank in the review period gained marginal growth in deposits.

According to PwC, Ecobank Ghana and GCB [1^st and 2^nd positions respectively] have maintained their dominance regarding the industry’s deposits over the past six years. 

The two banks continue to hold more than a fifth of the deposits in the sector due to their combined branch network of over 250 branches, ongoing initiatives to advance digital and electronic banking, and a client-focused outlook.

However, during the previous three years, the market share of GCB and Ecobank Ghana have decreased from 25.5% in 2019 to 22.8% in 2020 and increased marginally to 23.6% in 2021.

In 4^th and 5^th positions were Absa (6.80%) and Fidelity Bank respectively, the two banks gained market share size.

Absa overtook Consolidated Bank Ghana in 4^th place and increased its market share by 0.46%, increasing its deposits by 20.2% in 2021.

In 6^th, 7^th, 8^th, 9^th and 10^th positions were Consolidated Bank Ghana (6.78%), Standard Chartered Bank (6.27%), Zenith Bank (5.26%), CalBank (5.18%) and Access Bank (4.27%).

Overall, the top 10 market share leaders in deposits include Fidelity Bank, Stanchart, Zenith, CalBank, Acess Bank and ADB.

UBA also rose to the 12th position in 2021 from the 15th position which, the survey said is a commendable improvement from the previous year. All the banks in the top 10 gained market share except Zenith and Consolidated Bank Ghana.