Ecobank and GCB Bank control 23.9% of deposits in the banking sector; Zenith Bank ranked 1st in financial performance


Ecobank Ghana and GCB Bank controlled around 23.9% of the banking sector’s market share in terms of deposits in 2020, according to research analysis by investment firm Tesah Capital.

However, Zenith Bank was Ghana’s best bank last year in terms of financial performance.

Ecobank Ghana and GCB Bank continued to show their dominance in the banking sector, controlling nearly a quarter of the sector’s deposits.

While Ecobank Ghana led the pack with 12.4% market share in 2020, GCB Bank controlled around 11%.

The two banks also operate a digital platform that allows customers to perform multiple transactions. It helped them grow taller and increase their deposits.

Stanbic, Absa, Consolidated Bank Ghana, Fidelity and Standard Chartered Bank rank 3rd, 4e, 5e, 6e and 7e respectively.

On loans, Ecobank Ghana dominated the industry, controlling 10.4% of assets last year.

Absa, Stanbic and GCB followed suit in 2sd, 3rd and 4e respectively.

During this time, Zenith Bank maintained its number one position as the best bank in terms of financial performance in 2020.

Standard Chartered Bank moved into the 2sd position, while Ecobank which was 2sd in 2019 and GCB Bank placed 3rd and 4e respectively.

On the contrary, FBN Ghana, UMB and Prudential Bank were the lowest ranked banks. The National Investment Bank and OmniBSIC were not included in the report.

Rankings emanate from an assessment of bank creditworthiness and performance using capital adequacy ratio, asset size, management capacity, earnings and liquidity.


Banks Market share (%)
Ecobank Ghana 12.4
GCB Bank 11.5
Stanbic 9.7
Absa 6.6
Ghana Consolidated Bann 6.6
loyalty 6.3
Standard chartered bank 5.6
Zenith 5.6
CAL 4.3
ADB 4.1
Others 27.2


Banks Market share (%)
Ecobank Ghana 10.4
Absa 9.9
Stanbic 9.2
GCB Bank 8.0
Societe Generale 5.4
loyalty 5.1
CAL 5.0
ADB 4.0
Prudential 3.6
Standard chartered bank 3.6

Performance evaluation and ranking 2020

2020 2019

Zenith Bank 1 1
Standard chartered bank 2 5
Ecobank Ghana 3 2
GCB Bank 4 4
loyalty 5 7
Trust bank guarantee 6 6
Access 7 12
Stanbic 8 9
Absa 9 8
Ghana Consolidated Bank ten ten


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