Best bank: Ecobank Ghana
Banks in Ghana have faced a difficult couple of years thanks to the government of Ghana’s debt default and domestic debt exchange programme announced in November 2022.
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The government agreed an IMF bailout at the beginning of 2023, and, as the largest holders of government debt, the banks have borne the brunt of the situation. They have continued to see heavy losses as the country has defaulted on a series of eurobond coupon payments. Formal negotiations to resolve the issue have yet to take place.
Ecobank, Euromoney’s best bank in Ghana this year, has weathered the storm well, setting aside provisions against the continued volatility. Its anglophone West Africa division generated $223 million profit before tax in 2023, compared with $124 million the year before.
During the review period, Ecobank worked with the African Development Bank to secure approval to use $20 million from the Green Climate Fund to improve access to affordable financing for women-led micro, small and medium-sized agribusinesses and farmer-based associations in the most vulnerable agro-ecological zones in Ghana.
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