Ecobank Ghana is part of a West African network of commercial banks. It's one of Ghana’s most well-known financial institutions.
The Federation of West Africa Chambers of Commerce and Industry (FWACCI) felt that there was a need for a private regional banking institution. In the mid-1980s, foreign and state-owned banks dominated the West African banking industry.
Ecobank Transnational Incorporated
In 1985, with the endorsement of the Economic Community of West African States (ECOWAS), the FWACCI founded the Ecobank Transnational Incorporated (ETI) as a bank holding company, authorized with United States $100 million in capital.
In the same year it was founded, the ETI signed a Headquarters’ Agreement with the Togolese government. The agreement granted the ETI the powers of a regional financial institution, as well as an international organization. In addition to Togo, Ecobank has branches in more than 20 countries throughout Africa.
Ecobank Ghana’s Efforts
Ecobank Ghana has been instrumental in the financial affairs of Ghana. One notable development is the financing of Ghana’s sole oil refinery at Tema--a city east of the capital city of Ghana--in 2009.
Ecobank Ghana is the third-biggest bank in Ghana. Barclays Bank is the country’s biggest, followed by Standard Chartered Bank.