The 2023 Ghana Banking Survey conducted by PwC has unveiled that Ecobank Ghana continues to hold its position as the largest bank in Ghana, despite challenges posed by the Domestic Debt Exchange Programme that affected consumer confidence. The bank’s resilient performance is reflected in its 13.58% market share, solidifying its lead within the industry.
This achievement is particularly notable as Ecobank Ghana not only maintained its top spot but also demonstrated growth compared to previous years. The survey highlights that the bank’s market share in terms of industry deposits was even better than the 11.93% recorded in 2021. This consistent expansion signals the bank’s ability to adapt and thrive in a changing economic landscape.
GCB Bank secured the second position in the ranking; however, it experienced a slight dip in market share concerning industry deposits. With a market share of 10.87% in 2022, GCB Bank faced a marginal decrease from the 11.43% recorded in 2021. This trend indicates a gradual erosion of GCB Bank’s market share since 2017.
Stanbic Bank Ghana (SBG) maintained its hold on the third position for industry deposits, showcasing steady growth in market share year-on-year. Absa Bank Ghana closely followed in fourth place, with both banks marginally increasing their market share by 0.08% and 0.1% respectively. Consolidated Bank Ghana displayed impressive progress, surging to the fifth position from its sixth-place standing in 2021.
Fidelity Bank Ghana, Zenith Bank Ghana, Standard Chartered Bank, Access Bank Ghana, and Cal Bank rounded out the top 10 banks in terms of industry deposits at the close of 2022. The banking sector exhibited robust growth in deposits, surpassing the 31.3% mark by the end of 2022—more than doubling the growth rate recorded in 2021 at 12.1%.
In the realm of loans and advances, Ecobank Ghana’s dominance persisted, capturing the largest share of industry loans at 14.7%. Stanbic Bank Ghana ascended to second place, overtaking Absa Bank Ghana, while GCB maintained its fourth-place standing. The report also revealed Ecobank Ghana’s commendable 0.2% increase in market share for loans and advances, reflecting a substantial 61.1% growth in the value of its gross loans and advances.
Absa Bank secured the third position in this category with a market share of 9.8%, driven by concerted efforts in the commerce & finance, services, and miscellaneous sectors, aimed at supporting general trading and commercial activities. Consolidated Bank Ghana’s upward trajectory in the loans and advances market share positioned it at the ninth spot, a significant jump from its 14th place in 2021.Notably, the services and commerce and finance sectors continued to dominate industry loans and advances, constituting a combined 41% of the total. These sectors displayed substantial growth, contributing to an overall increase of ¢6.61 billion in total loans and advances.
The 2023 Ghana Banking Survey showcases Ecobank Ghana’s resilience and strategic growth, positioning it as a frontrunner in the Ghanaian banking landscape. While challenges persist, these findings underscore the bank’s commitment to adapting and thriving in a dynamic financial environment.
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