This article provide you with information based on the list of government banks in Ghana.
Looking for banks tagged as government banks in Ghana? Find more answers in our article, where we provide you with a list of state owned financial institutions in Ghana.
READ ALSO: List of Collapsed Banks In Ghana
The banking and financial sector in Ghana consist of both private and government banks. Bank of Ghana (BOG) is the central bank that regulates the monetary activities of these banks.
The central bank which was established in 1957, provide policies which regulates the financial institutions and banks in Ghana. It acts as check on these institutions and monitor their activities to make sure they are in line with government policies.
In this article, our main focus will be on states owned banks in Ghana. Some of the banks which are operating in Ghana were once private entities but due to certain factors like undercapitalization, failure to meet certain requirements, government took over such banks.
Categorization of Banks In Ghana
Did you know banks in Ghana different categorizations?
The financial and banking sector in Ghana comprises the central bank, commercial banks, development banks, merchant banks, and rural unit banks.
List of Government Banks in Ghana
Agricultural Development Bank (ADB)
This is the first development bank established and owned by the government of Ghana. It was incorporated in 1965 by the act of parliament. ADB was established to meet the banking needs of Ghana’s agricultural sector. The bank was previously known as the Agricultural Credit and Co-operative Bank before changing to its current name.
READ ALSO: List of Commercial Banks in Ghana
Consolidated Bank Ghana (CBG)
This is a commercial bank in Ghana which is 100 percent owned by the government of Ghana. The consolidated bank Ghana is made up of five banks that failed to meet the minimum requirements. They include Construction Bank, Beige Bank, Royal Bank, UniBank and Sovereign Bank. These banks were merged together to form the Consolidated Bank Ghana.
Ghana Commercial Bank Limited (GCB)
Previously, the bank was fully owned by the Government of Ghana until it sold some of its stock. It was re-brand from Ghana Commercial Bank to Ghana Commercial Bank Limited in 2013. Currently, government has partial shares in GCB Limited.
National Investment Bank (NIB)
This is a commercial bank owned by the state in Ghana. It was previously established by the Government of Ghana as a development bank until it was later turned into a commercial bank.
Bank of Ghana (BOG)
This is the central bank of Ghana who regulates the activities of all financial institutions in Ghana. BOG formulate and implement monetary policy to achieve price stability. They also contribute to the promotion and maintenance of financial stability, and ensure a sound payment system. It was established on 4th March, 1957.
All these banks generate revenue for the government as well as providing support to customers. Especially, with the development banks like ADB, they are there to provide monetary development in the agriculture sector.