Ghana’s banking sector entered a new phase of expansion in 2025 as stronger macroeconomic conditions, rising customer confidence and growing digital adoption pushed deposits sharply higher.
According to the PwC Ghana Banking Survey Report, total industry deposits climbed by 25%, increasing from GH¢266.5 billion in 2024 to GH¢334.3 billion in 2025. The surge represents a significant increase in the pool of funds mobilised by banks and highlights the intensifying competition among institutions seeking to deepen their relationships with customers.
Yet beneath the headline growth lies another striking development. Ghana’s banking industry remains heavily concentrated among its largest institutions, with GCB, EBG and SBG together controlling approximately 30.7% of total industry deposits.
Banking Giants Hold Firm Grip on Deposits
The dominance of the three major institutions reflects years of investment in extensive branch networks, established retail franchises and corporate banking relationships.
Their positions have also been reinforced by the rapid expansion of digital banking, which has changed how customers save, transfer and manage their money.
As more banking services move onto mobile applications and other digital platforms, established banks with large customer bases have gained additional channels through which they can mobilise deposits.
The concentration of deposits also highlights the scale of competition within Ghana’s banking industry. While the largest banks continue to command substantial market shares, several mid-sized institutions are increasingly challenging the established order.
One of the biggest movements came from OBL, which jumped from 13th position to fifth, capturing a 6.0% share of total industry deposits.
That movement marks a major shift in the competitive landscape and demonstrates that deposit mobilisation is no longer exclusively dominated by the biggest institutions.
OBL Makes Dramatic Leap Into Top Five
OBL’s rise stands out as one of the most notable developments in Ghana’s banking deposit rankings.
Moving from 13th place to fifth within a single year signals significant progress in its ability to attract and retain customer funds.
ZBL also strengthened its position, increasing its deposit market share from 5.9% to 6.3%. The bank’s performance was supported by focused deposit mobilisation efforts and digital banking initiatives, reflecting the growing importance of technology in the battle for customers.
FABL recorded another notable gain, reaching a 4.9% share of total deposits.
Customer retention and stronger business banking propositions contributed to its performance, reinforcing the broader trend of mid-sized banks finding new ways to compete against larger institutions.
The developments suggest that Ghana’s deposit market is becoming increasingly competitive, even as the biggest banks retain their commanding positions.
Deposit Growth Reaches Across Major Categories
The impressive expansion in total deposits was not limited to one category.
Current accounts increased by 15.8% to GH¢184.9 billion, reflecting stronger transaction activity across the economy.
Time deposits recorded an even more dramatic increase, rising by 56.8% to GH¢49.2 billion. Call deposits also expanded by 37.5% to GH¢16.7 billion.
The sharp increase in time deposits points to changing customer behaviour as depositors respond to competitive fixed-term savings and investment products offered by banks.
Banks, meanwhile, have benefited from the ability to secure more stable funding through stronger deposit mobilisation.
The development comes at an important point for the sector as banks operate in a changing interest-rate environment. Lower interest rates can support economic activity and credit expansion, but they can also reduce some of the benefits banks previously enjoyed from high-yield assets.
Profitability Faces New Pressure
Despite the changing interest-rate environment, Ghana’s banks remained profitable in 2025.
Stronger core banking revenues, higher trading income and increased fees and commissions supported earnings during the year.
However, the composition of banking revenue is changing.
Fees and commissions, alongside digitally enabled services, are becoming increasingly important contributors to bank earnings. That shift could become more significant as the lower-interest-rate environment puts pressure on traditional interest margins.
Banks therefore face a delicate balancing act. They must continue attracting deposits while ensuring those funds are deployed efficiently enough to generate sustainable returns.
Digital channels could become increasingly important in that process by helping banks reduce transaction costs, reach customers more efficiently and develop new revenue streams.
Rising Bad Loans Add Fresh Concern
The deposit boom has not eliminated risks facing the banking sector.
Loan quality weakened during 2025, with non-performing loans increasing at a faster pace than overall credit.
Although the immediate effect on profitability remained contained, the deterioration in asset quality remains an important concern for banks and regulators.
The development creates a significant challenge as banks seek to convert their growing deposit bases into productive lending while maintaining strong credit standards.
A larger deposit base gives banks greater funding capacity, but rising non-performing loans could undermine the quality of that expansion if credit risks are not carefully managed.
Ghana’s banking sector therefore enters the next phase with both momentum and pressure.
The industry has gained substantially from stronger deposits, improved macroeconomic conditions and growing digital adoption. At the same time, competition is intensifying, interest margins are facing pressure and loan quality requires closer attention.
The battle for Ghana’s GH¢334.3 billion deposit pool is consequently becoming more competitive, with established giants defending their positions while ambitious mid-sized banks push deeper into the market.
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