Ghana’s top 4 banks by tier 1 capital in 2024

While economic challenges and currency depreciation have affected major markets like South Africa and Nigeria, Ghana’s leading banks have demonstrated resilience, maintaining strong Tier 1 capital positions.

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.

Their ability to navigate currency fluctuations and macroeconomic challenges has been critical in sustaining confidence in the financial sector.

The bank has focused on corporate and SME lending, which has bolstered its revenue streams, even amid currency depreciation pressures.

The bank has successfully maintained a healthy capital position while navigating Ghana’s economic landscape. Absa Bank Ghana ranked 92, while it’s capital is $216 million.

The bank’s diversified portfolio and strategic focus on digital banking have helped it maintain a stable balance sheet despite economic challenges.

While local currency depreciation has affected its balance sheet in dollar terms, its solid capital position has ensured steady profitability.

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.

While Standard Bank, the continent’s largest lender, saw a minor improvement in its Tier 1 capital, its asset base contracted by 2.5% in dollar terms.

Meanwhile, banks in Morocco and Egypt have provided a counterbalance, showing relatively stronger performances compared to their counterparts in sub-Saharan Africa.

With Ghana’s economic recovery efforts underway, the country’s leading banks are expected to play a crucial role in stabilising the financial sector. Their ability to maintain solid capital positions, drive digital banking innovation, and support key sectors of the economy will be instrumental in sustaining growth.

As regional challenges persist, the resilience of Ghana’s banking giants will be essential in ensuring financial stability and fostering economic development in the years ahead.