History & Background of Ecobank, Ghana

by Andy Joseph; Updated September 26, 2017

Ecobank Ghana is part of a West African network of commercial banks. It's one of Ghana’s most well-known financial institutions.

Purpose

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.

Branches

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.

Reputation

Ecobank Ghana is the third-biggest bank in Ghana. Barclays Bank is the country’s biggest, followed by Standard Chartered Bank.

References

About the Author

Based in the D.C. area, Andy Joseph works full-time as a data analyst and technical writer. He has been writing articles about technology, health, politics, music, culture and automobiles since 2007. His work has appeared in The Express, Congressional Report and Road & Track. He has a master's degree in journalism and technology management.