Ecobank Ghana has maintained its position as the largest bank in Ghana, holding a market share of 13.58%, according to the 2023 Ghana Banking Survey by PwC.
Ecobank Ghana’s market share in relation to the banking industry’s share of deposits has improved from the 11.93% recorded in 2021, the survey noted.
GCB Bank secured the second position but experienced a decrease in market share concerning the industry’s deposits. In 2022, its market share was at 10.87%, a slight reduction from the 11.43% registered in 2021. Over a span of time, GCB Bank has exhibited a trend of diminishing market share since 2017.
The third, fourth, and fifth ranks were held by Stanbic Bank Ghana (SBG), Absa Bank Ghana, and Consolidated Bank Ghana respectively.
As we can see in the ranking of the banks above, SBG has maintained third position for three straight years while GCB retained its similar position from 2021. Both banks experienced a slight increase in their market share, with Stanbic Bank Ghana (SBG) witnessing a 0.08% rise, and Absa Bank Ghana observing a 0.1% increase.
Consolidated Bank Ghana advanced in its ranking and surpassed Fidelity Bank to secure the 5th position, rising from 6th place in 2021. However, its overall percentage of deposits relative to the total industry deposits decreased in 2022.
At the end of 2022, the other banks in the top 10 of industry deposits were Fidelity Bank Ghana, Zenith Bank Ghana, Standard Chartered Bank, Access Bank Ghana and Cal Bank.
The banking sector experienced a substantial increase in deposit growth, surpassing the growth rate recorded in 2021 by more than twofold. In contrast to the 12.1% increase observed in 2021, the growth in deposits reached 31.3% by the conclusion of 2022.
Ecobank Ghana retained its status as the bank with the highest amount of loans and advances within the industry in the previous year with its proportion of industry loans standing at 14.7%.
At the same time, Stanbic Bank Ghana surpassed Absa Bank Ghana, elevating its position from third to second place in 2022.
The distribution of industry loans remained focused on the services, commerce, and finance sectors. These sectors collectively accounted for 41% of the overall industry loans and advances, with the services sector representing 24% and the commerce and finance sector constituting 17%.
The total loans and advances from these two sectors increased by ¢6.61 billion ($588.4 million).
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