CalBank

Ghana, which is in West Africa is bordered by the Ivory Coast to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south. The country has a population of over 31 million people, with Accra being the capital city.

Ghana has a mixed economy with a combination of free market principles and government intervention. The country’s economy is driven by the services sector, which accounts for around 60% of its Gross Domestic Product (GDP). The industrial sector accounts for around 25% of GDP, while agriculture accounts for approximately 15%. Ghana is rich in natural resources, including gold, diamonds, oil, and cocoa, which are major contributors to its economy. The country is the world’s second-largest producer of cocoa and a significant producer of gold, bauxite, and timber. In the decade to 2021, Ghana’s economy experienced significant growth, with an average annual GDP growth rate of around 6%.

Ghana’s banking industry consists of 22 commercial banks, with the Bank of Ghana serving as the country’s central monetary authority.

Structurally, the banking market can be classified into three broad segments, the market-leading banks, the local banks, and the international banks. The market-leading banks consist of Ghana Commercial Bank (GCB), Ecobank Ghana, and ABSA Bank Ghana. These three banks hold an aggregate market share of 30% of the total banking market. The local banks consist of five banks, of which Fidelity Bank and CalBank are the largest. The local banks hold an aggregate market share of 26%. The international banks consist of 14 banks, of which the Nigerian banks dominate. The international banks hold an aggregate market share of 44% of the total banking market.