Number of registered financial institutions in Ghana 2023, by type

Many financial institutions operate in Ghana, the majority (397) of which are Foreign Exchange Bureaus and banks. In total, the country counted about 170 banking institutions in 2023, including rural and community banks. Moreover, there were slightly over 130 deposit-taking microfinance institutions in the country.

Ecobank Ghana emerges as a key institution

As of 2023, Ecobank Ghana was considered the leading bank in Ghana by weighted assets and tier-one capital. The latter comprises capital, reserves, retained income, and minority interests. In terms of bank branches, Ghana Commercial Bank (GCB) holds the highest number in the country.

Bank account ownership in Ghana is developing rather slowly

Generally, the bank account ownership rate among individuals in Ghana has fluctuated since 2018. In 2021, nearly 58 percent of the population owned a bank account in a financial institution, as against 41 percent in 2018. However, in 2023, this proportion dropped to one of the lowest shares registered since 2018, at 39.2 percent. By comparison, the use of digital payment methods dominated, considering the types of financial services used in the country.