Before you choose a Ghanaian Bank

Investigations by’s Business Desk have revealed that many people have a casual attitude when it comes to deciding on which Ghanaian bank to deal with. Like a marriage relationship, a banking relationship can either make or mar an individual or a business entity.

For example, some people choose a bank simply because their relative or friend works in that Ghanaian bank. Some also make the choice simply because their client or their employer banks with that particular bank.

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Others make the choice because of the mouth watering promotional or marketing offers of the bank. Such decisions has made many people, victims of failed banks, with significant loss of money.

In the past when banking distress was a common occurrence and when bank closures happened at an average of three per year, some people became customers of a distressed bank a month or even before the license of the bank was revoked.

Do not choose a bank because your relative or friend is working in the bank, as he would not work there forever or be in that branch forever.

And when he chooses to leave the bank or is to be transferred, he would not likely consult or inform you. Furthermore, that person depending on his level of responsibility may not have adequate information about the financial health of the bank.

And even if he has such information, why should he disclose it to you. Meanwhile, the main reason why that relative wants you to choose his Ghanaian bank is to enable him meet his deposit target.

The same reason applies to choosing a bank because that is where your client or employer banks. There is no law that says an employee must choose the bank of his employer. And choosing the bank of your client is immaterial to the main factor in your relationship, which is delivering quality services. Banks are major culprits in this regard. Most of them now insist that their service providers must open accounts with them.

The above is very instructive to the millions of unbanked Ghanaians who would soon have to choose a bank, due to the vigorous pursuit of the financial inclusion goals of the Bank of Ghana. While many of them are not educated, most of them have some level of education. Hence it is instructive that they are fully aware of the implications of the choice of a banking relationship, and the factors to consider before making such choice.


The first factor that should be considered is service. Most times, people want to know if a bank is strong or weak before they can do business with it. But besides the financial results published annually by banks, it can be quite difficult for somebody who is not an insider to know the health of a Ghanaian bank. But through the services of the bank, and how it is delivered, you can have an idea.

The most important issue in this regard, is to first determine the banking services you need, or that are vital to what you do, and then inquire for the bank that offers these services, and which ones offer it efficiently.

Nii Aryee
Business News Desk