The financial and banking sector in Ghana is built up of 32 private banks. The Bank of Ghana is a central monetary authority in Ghana. This back was built back in 1957 to oversee all banks and financial institutions in Ghana. The Ghanaian central bank also advises the government and monitors monetary policies put in place.
Back in 2021, Moody Investor Service released a negative report about banks in Ghana. That report resulted in underwhelming revenue, a large debt load, and dependence on foreign financial flows. In this post, we’ll look at the best high interest savings account banks in Ghana.
GCB bank Limited
GCB Bank Limited changed its title from Ghana Commercial Bank to its current name back in 2013. The bank is headquartered in Accra and offers services to business leaders, farmers, and traders. This bank came to light in 1953 as the Bank of the Gold Cost.
Today, it offers a wide array of financial products and services to its customers including big businesses, small and medium-sized businesses, and Parastatal organizations. Since 2016, the bank runs 11 agencies and 180 branches across the country with 21437 employees.
Total assets: GHS 16.39 billion
Net income: GHS 445.4 million
Zenith Bank of Ghana
Zenith Bank Ghana is a subsidiary of Zenith Bank Plc that’s headquartered in Nigeria. The bank was established in 2015 to offer excellent services to business leaders and individuals across the country.
Currently, it manages 34 bank branches and agencies. Plus, it manages several ATMs and POS terminals from its headquarters in Accra. Zenith is the best bank for savings account in Ghana that offer mobile banking services and real-time internet banking.
Total assets: GHS 4.67 billion
Net Income: GHs 172.55 million
Ecobank Ghana is a subsidiary of Ecobank Group and runs a business in 36 African nations. It’s the first best bank for savings account in Ghana to be granted a universal bank license by the central bank. Once Ecobank bought the Trust Bank in 1989, it began operating across the country.
Ecobank Ghana provides a wide array of products and services like payment and transfer options, e-products, investment options, loans, and cards to Ghanaians. At the end of 2021, it had 1741 employees and 67 branches.
Total assets: GHS 15.97 billion
Net income: GHS 547.9 million
Absa Bank Ghana Limited
Absa Bank Ghana Limited was formerly known as Barclays Bank Ghana and was founded in 1917 to offer personal banking goods and services to clients in Ghana. In addition, it provides corporate and enterprises clients with products and services in the areas of retail, corporate, and treasury.
The bank also manages over 70 service locations across the country including 8 Prestige Centers, 164 ATMs, 3 Premier Suites, 52 Branches, and 4 agencies.
Total assets: GHS 13.23 billion
Net income: GHS 471.1 million
Agricultural Development Bank
The Agricultural Development Bank was built in 1965 by an act of parliament to boost Ghana's agricultural industry. In 1970, this financial institution changed its name from Agricultural Credit and Co-operative Bank to its today’s title.
The bank is headquartered in Accra and manages a nationwide network of 64 service locations including 4 Farm Loan Offices, 50 branches, and 10 agency offices. Today, it has more than 1489 employees.
Total assets: GHS 5.81 billion
Net income: GHS 65.4 million
Société Générale Ghana Limited
Société Générale Ghana was popularly known as Social Security Bank. The financial institution was incorporated in 1975 by Security Trust Limited. Following the acquisition of a 51% controlling stake in 2004, the bank changed its title to SG-SSB.
Following shareholder approval, the financial institution changed its title to what its known today. Today, it manages 42 branches across the nation.
Total assets: GHS 5.11 billion
Net Income: GHS 128.5 million
Fidelity Bank of Ghana
Fidelity Bank of Ghana was originally known as the Fidelity Discount House and was founded in 2006. The bank offers products and services for personal banking, retail, and business.
As the best bank for savings accounts in Ghana, it offers underbanked and unbanked services to Ghanaians. In addition, it’s the fastest-growing bank in Ghana and manages 112 ATMs and 80 branches in Ghana.
Total assets: GHS 90.43 million
Revue: GHS 522.97 million
Net income: GHS 90.43 million
Universal Merchant Bank Ghana Ltd
One of Ghanaians' oldest banks, Universal Merchant Bank Ghana ltd, began operating in 1972. This financial institution started offering banking products and services in 2005 after being granted a universal banking license. It provides services like Internet, Personal, business, private, and corporate banking segments.
Today, the bank manages one UMB PPP Incubator Center, two UMB Centers for Business, and 31 branches.
Total assets: GHS 3.26 billion
Net Income: GHS 23.01 million
National Investment Bank
National Investment Bank is state-owned bank offering commercial and development banking services. The bank majorly focuses on agricultural processing and building and construction industries.
It was established in 1963 to facilitate and foster the local economy's fast industrialization. Currently, it manages 3 agencies and 49 branches.
Total assets: GHS 2.65 billion
Revenue: GHS 348.83 million
Net income: GHS: 120.11 million
Best high Interest Savings Account Banks in Ghana -FAQs
What is a financial asset?
A financial asset is a type of liquid asset that earns value from an ownership claim or a contractual right. Examples of financial assets include stocks, bank deposits, cash, mutual funds, and bonds.
What is personal finance?
Personal finance is a popular term used for saving, managing money, and investing. It also includes estate planning, budgeting, mortgages, insurance, banking, tax, and retirement. In order words, it's an industry that offers financial services to households and individuals and even advises them about the best investment and financial opportunities.
What is corporate finance?
Corporate finance is the subsidiary of finance that focuses on accounting, capital structuring, and investment decisions. It also focuses on the implementation of various strategies, and the maximization of shareholder value. Examples of corporate finance activities include tax considerations and capital investment.
What is equity in finance?
Finance equity is the legal ownership of properties that may have liabilities attached to them. Equity is calculated by subtracting liabilities from the property's value.