List of Ghana’s licensed Commercial Banks and their locations

What are the BoG authorised Commercial Banks in Ghana?

The Bank of Ghana (BoG) defines a commercial bank as a universal bank that is licensed under the relevant banking legislation, primarily the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

In the Ghanaian financial system, Commercial Banks are the most dominant and highly regulated financial institutions, authorised to carry out a comprehensive range of banking activities for the general public, corporations, and the government.

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The BoG’s definition focuses on the universal nature of the bank’s activities and its regulatory standing:

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1. Universal Banking Licence: A Commercial Bank holds a Universal Banking Licence granted by the BoG, which permits it to offer a wide and diverse range of financial services, unlike specialised institutions (like Rural Banks or Finance Houses), which have restricted mandates.
2. Deposit-Taking: They are authorised to take deposits from the public, including current accounts, savings accounts, and term/fixed deposits, which form the primary source of their funding.
3. Financial Intermediation: Their core function is mobilising funds from savers and channelling them as credit (loans and advances) to individuals, small and medium-sized enterprises (SMEs), and large corporate bodies.
4. Payment System Facilitator: They are key participants in the national payment and settlement systems, offering services like cheques, domestic and international money transfers, and electronic banking services.
5. Foreign Exchange Operations: Commercial Banks are typically licensed and authorised to deal in foreign exchange and provide trade finance facilities (e.g., letters of credit).

In essence, a Commercial Bank in Ghana, as defined by the BoG’s regulatory framework, is a fully licensed institution with the mandate to conduct all forms of banking business, serving as the main controller and primary component of the formal financial system.

Licensed Commercial Banks in Ghana

Ghana has 23 BoG authorised commercial banks.

Below is a list of the Bank of Ghana’s authorised commercial banks in Ghana.