In 2003, the three largest commercial banks accounted for 55 percent of total assets of the banking sector, which is relatively moderate compared with other countries in the region.
Yet, about 25 percent of total assets and 20 percent of deposits were held by a single state owned commercial bank (GCB).
The banking penetration ratio, at one bank branch per 54,000 inhabitants, was relatively high, but formal banking reached only 5 percent of the population and the coverage varied widely.
This reflects the fact that 35 percent of bank branches are in the greater Accra region even though this region represents less than 13 percent of the country’s population (Buchs & Mathisen, 2005).
Financial Services Sector