The 20 Most Credible Banks in Ghana



A new ranking of Ghanaian ban ks based on an assessment of their credibility has just been launched.

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The assessment draws on an index of the banks compiled using Credmap technology (www.credmap.com), a novel “credibility-rating” engine that is capable of combining crowd-rating and data mining to generate “credibility scores” of individuals and institutions using pooled data about their track record, history, commentary, biography, popular sentiment and reputation. Credmap’s algorithms mash the data together to distill the complex information into compact rankings, scores and benchmarks.

All 30 of Ghana’s tier one/universal banks were subsequently benchmarked against Credmap’s measures, compared to each other, and then ranked in what became the Ghana Banking Credibility Index (GBCI), a process that was overseen by a team of senior technical analysts at Konfidants, a management consulting company based in Accra, Johannesburg and Geneva.

In this inaugural index, the primary focus was on the quality of bank boards and senior management personnel. The Konfidants team was of the view that in the wake of recent developments in the banking sector, corporate governance and management competence have emerged as, by far, the most critical factors in determining bank performance and success.


Top 20 Most Credible Banks

1
Standard Chartered Bank
2
Zenith Bank (Ghana) Limited
3
Ecobank Ghana Limited
4
United Bank for Africa (Ghana) Ltd
5
Barclays Bank of Ghana Ltd
6
Societe General (Ghana) Limited
7
Stanbic Bank Ghana
8
Fidelity Bank Limited
9
Access Bank (Ghana) Limited
10
GCB Bank Limited
11
CAL Bank Limited
12
Universal Merchant Bank Limited
13
Bank of Africa Ghana Ltd
14
Bank of Baroda (Ghana) Limited
15
FBNBank (Ghana) Ltd
16
Guaranty Trust Bank (Ghana) Limited
17
First National Bank (Ghana) Ltd
18
First Atlantic Bank Ltd
19
GHL Bank
20
Republic Bank (Ghana) Ltd

Summary Information on Rankings

The automation of the data scanning, weighting, and visualisation activities using Credmap algorithms marks a major departure from the traditional methods of index design for rankings of this nature. The Analysts were able to more rapidly doublecheck how traditional benchmarks such as “net interest margin”, “capital adequacy”, “asset quality”, “return on equity” and “return on assets” ratios conceal or reveal the most salient factors in bank governance and reputation, which in a period of tighter regulation and consumer apprehension become dominant weighting factors for all the traditional CAMEL rating indices of institutional health in the financial industry.



Some major criteria in the computation of the GBCI therefore included:

A. Executive track record of the board & management membership

B. Educational qualifications of board members and senior management personnel

C. The emphasis on continuous professional development within the studied banks.

D. Reputational factors

E. Degree of board independence from shareholder and management control and influence (this factor was analysed using a proprietary “relationship graph” and “insider connections” rating logic).

F. Consistency and accuracy in board and management communications as ascertained from comments in the media, advertising, and publications, including official documentation and reports.

With this novel implementation of Credmap in such a critical context, the door is now open for a more rigorous, scientific, and objective regime for appraising the credibility of public figures, influential individuals and institutions, as well as other high profile commentators. Credmap’s crowd-rating engine continues to grow in features and capabilities. In coming weeks and months the platform should enable deep and extensive assessment of the records and reputations of many influential people and organisations, whose deeds and words impact significantly on society.

Michael Kottoh, Managing Partner of Konfidants, expressed the view that “because the recent banking crisis was fundamentally a failure of leadership – as opposed to the failure stemming from systemic risk in the wider economy -- it’s crucial to throw more light on quality of leadership in the sector; as the country’s financial sector evolves and matures, the credibility of banks will increasingly depend on the credibility of their boards and management”.

Kofi Yeboah, the Coordinator of the Credmap Ghana deployment said, “in the months ahead, Credmap will continuously work with its global partners to roll out Credmap’s multi-country financial sector analytics in other African markets and beyond.”

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It is a civic movement dedicated to the use and promotion of various technologies to encourage truth-telling, fact-checking, and integrity, in public life whilst influencing the public to put a premium on the credibility of public figures whose views, claims, and ideas impact the direction, content, and style of critical public debates and conversations.

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