There are several commercial banks in Ghana and it is imperative that every Ghanaian and foreigner resident in the country know them. Asides knowing these banks, you should gain an understanding of how they operate and their respective interest rates.
The banking sector in Ghana went through a series of challenges in the early 1980s and it took a drastic step from the government in 1989 to revamp the sector. Prior to the steps taken by the government, many banks had suffered huge losses. Most had crashed and many others were at the verge of collapse.
The banking sector began growing again in the 1990s due to more patronage and an increase in deposits. Today, these banks have some of the highest rates on the continent, a major plus for the Ghanaian economy. There are over a hundred banks operating in Ghana on the local front, they are also managed locally.
List of Banks in Ghana and Their Interest Rates
The minimum capital requirement for Ghanaian banks
Part of the reforms to ensure that only credible banks stayed afloat in Ghana was the introduction of a minimum capital requirement. This went a long way to ensuring that the banking sector in Ghana grew to what we see today.
In 2017, the minimum capital requirement bar was raised once more. Previously it was GHS 120 million but it was increased to GHS 400 million. Following this, the banks had until December 2018 to ensure they had complied with the new requirement. By extension, new banks were required to comply before being established.
Functions of Ghanaian commercial banks
In every economy, there are several kinds of banks. The commercial banks are the most common as they provide most of the services required by everyone in society. There so many commercial banks but you will realize that they provide very similar services. Making a choice of what bank mostly depends on preference based on how efficient these services are.
The functions below are the general services provided by the different commercial banks in Ghana.
- They provide individuals with the most reliable way of safeguarding their money. This allows customers to deposit money in their care and they can come to withdraw anytime they desire.
- Customers enjoy lending services from these banks. The lending services take different forms, either cash or documents such as guarantee papers or letters of credit.
- Trading Forex.
- Selling and buying of securities.
- Clearing of checks on behalf of their customers.
- Money transfer and other special services.
- Provide assistance to their clients with respect to the payment of bills. These bills include payment for light, water, phone, and cable television.
- Standing as trustees for certain customers.
Commercial banks and their branches in Ghana
The commercial banks in Ghana, just like those in many other countries have several branches scattered around the country. These branches were established for several reasons. The most prominent of these reasons include:
- The banking sector in Ghana is decentralized.
- There is an increase in demand regarding the services provided by these banks. These branches help them cope with this increase in demand.
- The branches are a subtle way for the banks to attract more customers in the different localities where they are established. They also help clients in different locations enjoy the different services the banks provide.
The different commercial banks and their respective interest rates
We have already established the fact that the number of banks in Ghana has increased over the last two to three decades. Currently, there are well over twenty commercial banks in the country and we have brought you a list of these banks and their interest rates.
- Agricultural Development Bank. Majority of the shares (52%) of this bank are owned by the government. It was established in 1965 and has grown to have 78 branches in Ghana today. The current interest rate is 27.60%.
- Barclays Bank of Ghana. This is one of the oldest and largest banks in Ghana. It has several branches in different parts of Ghana and has an interest rate of 21.55%.
- CAL Bank. This bank was established in 1990. Though it has been around for a short while, it has grown in leaps and bounds. It has a reputation as the most invitational bank in the country and has an interest rate of 28.50%.
- Fidelity Bank. This bank is among the most recently established and it is owned by foreign investors. A couple of Ghanaian stakeholders have also invested in the bank including SSNIT. The current interest rate lies at 30.50%.
- The Ghana Commercial Bank. This is the biggest indigenous bank in the country as it has the highest number of branches and ATMs scattered around Ghana. The bank’s interest rates sit at 25.05%.
- International Commercial Bank of Ghana. This bank is an offshoot of the renowned ICB banking group which has its base in Switzerland. The bank has an interest rate of 22.95%.
- National Investment Bank. This bank provides a dual-range of services. Firstly, it is a commercial bank before acting as a development bank. The bank’s interest rate lies at 27.33%.
- Prudential Bank. This bank was established in 1993 and has grown very fast to having several branches in different parts of the country. It has a 27.50% interest rate.
- Energy Bank Ghana. This is one of the youngest banks in Ghana as it was started in 2011. The bank has a current interest rate of 24.88%.
- Standard Chartered Bank Ghana. This bank is a subsidiary of the UK-based Standard Chartered PLC. The bank has been in operation for over a century and it has an interest rate of 23.56%.
- Stanbic Bank of Ghana. This bank is highly reputed for its efficient services. The current interest rate is 28.50%.
- Bank of Africa. This bank provides a series of services including SME and Corporate Banking. The interest rate stands at 27.15%.
- Bank of Baroda Ghana. This bank is an offshoot of an Indian bank which is one of the largest in India. The bank hit the Ghanaian shores in 2008 and has a current interest rate of 15.16%.
- SG-SSB Limited. Societe Generale is one of the largest banks in Ghana and the current interest rate stands at 22.45%.
- Guaranty Trust Bank. This bank spread to Ghana in 1991 and has grown to be among the few banks to have a triple-A rating in the country. The current interest rate is 26.75%.
There are several other banks in Ghana but our list has brought you the most famous one. We believe this post must have provided you all the information regarding commercial bank interest rates in Ghana.
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