Banks in Ghana

Banks and Saving banks in Ghana

Ghana's banking system has been the tool former governments have used to develop the economy. Talking about banking institutions, the Bank of Ghana is the central bank in the country, and it is the ruler of the system, following international norms.


In the past, banks only worked for a few elite, and their functions were just investing in banks. Now this situation has changed and now banks are open to everyone, meaning they have new products and poor people in Ghana can also have their money in banks.  Almost 10% of the population have their money in those commercial banks.


Banks have become more efficient and competitive, the financial system now is more diversified than before since it has 26 banks operating in the country. Half of them are controlled by Ghanaians, and the other 50% are foreign; Nigeria has one of the strongests and the largest sectors in Africa (Access Bank Ghana, for example, is a Nigerian Bank with branches in the country). Agricultural Development Bank of Ghana, CAL Bank, Barclays Bank or Bank of Africa are examples of banks operating in the country. That landscape of an increasing banking system has made it more competitive, and concentration of assets in few banks is declining year after year.

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