Ghana's Banking Market Share (2024): The 3 Biggest Insights Beyond the Numbers

Connect Finex
3 hours ago
3 min read

Based on the latest PwC Ghana Banking Survey 2025, the total deposit pool in Ghana's banking sector has surged to GHC266.73 billion. This represents a massive 32.2% increase from 2023, a clear sign of growing financial inclusion and confidence in the economy.

While the rankings, topped by EBG (14.3%) and GCB (13.0%), are grabbing headlines, a simple list doesn't tell the whole story. We've analyzed the data to find the three biggest insights you need to know about the real competitive landscape.

Insight 1: The "Big Movers" of 2024 (Winners & Losers)

A static list is a snapshot, but the real story is in the change. When we compare the 2024 data to 2023, a dynamic picture of winners and losers emerges.

The Big Winner: GCB Bank (GCB)
GCB was, without question, the standout performer. It didn't just hold its #2 spot; it dramatically closed the gap on the leader, increasing its market share from 10.9% in 2023 to 13.0% in 2024. This 2.1% jump is the largest gain by any bank and proves a highly successful strategy in capturing new deposits.
The "Slipping Giants": ABSA & SCB
Not all banks in the top tier grew. ABSA saw a significant dip, falling from 8.1% to 6.8%. But the most notable drop was Standard Chartered Bank (SCB), which fell from 7th place (5.5%) all the way out of the top 10 to 11th place (4.3%).
The "Top 10" Climbers
Two other banks made impressive moves up the ladder. Access Bank (ABG) climbed from 9th to 7th place, while Guaranty Trust Bank (GTB) leaped from 11th to 9th, securing its spot in the top 10.

Insight 2: Forget the Top 5—It's a 3-Tier Banking Race

Looking at the data as a "Top 5" or "Top 10" is superficial. The Ghanaian banking sector is actually competing in three distinct strategic tiers.

Tier 1: The "GHC72 Billion" Leaders (27.3% Share)

Players: EBG (14.3%) & GCB (13.0%)
The Story: This is a two-horse race for total dominance. Together, these two banks control over a quarter of all deposits in Ghana. Their battle is for national leadership, digital supremacy, and massive branch networks.

Tier 2: The "Crowded Chase Pack" (43.1% Share)

Players: SBG (9.2%), ABSA (6.8%), FBL (6.6%), ZBL (5.9%), ABG (4.9%), CBG (4.9%), & GTB (4.8%)
The Story: This is the real battleground. These seven banks are locked in a hyper-competitive fight for the largest piece of the market. Here, a single good year (like GCB's) or a bad year (like SCB's) can completely re-shuffle the rankings.

Tier 3: The "Long Tail" (29.6% Share)

Players: The other 11 banks on the list.
The Story: This diverse group holds the final 29.6% of the market. These banks aren't competing for national dominance, and the data shows they are winning in specific, profitable niches.
Here's the evidence: You might see a bank with a low market share, like SG-GH (2.4%) or SCB (4.3%), and assume they are underperforming. But the report's profitability data proves the opposite.
- SG-GH has the #1 highest Return on Assets (RoA) in the entire industry (5.3%).
- SCB has the #2 highest RoA (5.0%).
- Both are also in the top 4 for Profit Before Tax (PBT) Margin, far above the industry average.
The Conclusion: You can't have a tiny deposit share but be one of the most profitable banks unless you have a targeted, high-margin niche. The report confirms these are areas like "trade finance," "corporate banking," and "fee-based revenue streams".

Insight 3: Who Won the GHC65 Billion in New Deposits?

This is perhaps the most important insight. The market didn't just re-shuffle. The entire pie got bigger. Total deposits grew by GHC65 billion in just one year (from GHC201.73B to GHC266.73B).

This means the "Big Mover" analysis is even more critical. GCB's 2.1% share increase isn't just 2.1% of the old pie; it's 2.1% of a much larger pie. It shows they successfully captured a huge chunk of the new money entering the system.

This massive growth in total deposits is a strong positive signal for Ghana's economy. The PwC report links it to the sector's resilience and successful efforts in digital transformation and financial inclusion.

The Final Takeaway

While EBG remains at the top, the 2024 data shows the Ghanaian banking sector is anything but static. The real stories are GCB's aggressive growth, the new three-tier competitive landscape, and the massive GHC65 billion in new deposits that all banks are fighting to win.