Here are your 20 most credible banks in Ghana

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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).

Credmap Technology has conducted a ranking of Ghanaian banks in 2018 based on the assessment of their credibility.

In a statement released, it stated that 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,” the statement said.

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.

The primary focus for this research was on the quality of bank boards and senior management personnel.

Here the first 20 banks according to Credmap Technology

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 Ltd

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)

17. First National Bank (Ghana) Ltd

18. First Atlantic Bank Ltd

19. GHL Bank

20. Republic Bank (Ghana) Ltd

According to the Konfidants team used the corporate governance and management competence as its basis for assessment because, in the wake of recent developments in the banking sector, this was the most critical factors in determining bank performance and success.

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

Executive track record of the board & management membership

Educational qualifications of board members and senior management personnel

The emphasis on continuous professional development within the studied banks.

Reputational factors

The 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).

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

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.

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