Ecobank Ghana and GCB Bank continued to show their dominance in the banking industry, controlling almost a quarter of the industry's deposits in 2020.

They controlled about 23.9 per cent of the banking industry market share in terms of deposits in 2020.

According to research analysis by investment firm; Tesah Capital, Zenith Bank was the best bank in Ghana last year in terms of financial performance.

This was followed by the 2nd to 9th positions by Standard Chartered Bank, Ecobank Ghana, GCB Bank, Fidelity Bank, Guaranty Trust Bank, Access Bank Ghana, Stanbic, Absa, and Consolidated Bank Ghana in that order.

On loans, Ecobank Ghana dominated the industry, with 10.4 per cent of the assets last year, followed by Absa, Stanbic and GCB in that order.

On the contrary, FBN Ghana, UMB and Prudential Bank were the least ranked banks based on the CAMEL components, with National Investment Bank and OmniBSIC not captured in the report.

The bank performance evaluation rankings were based on the financial statements released by the banks for Financial Year 2020.

The rankings focused on 21 out of the 23 commercial banks in Ghana. The financials of OMNIBSIC and National Investment Bank were unavailable at the time of the analysis.

The rankings emanated from an assessment of the credit worthiness and performance of the banks using the CAMEL framework.

Zenith Bank, Standard Chartered Bank and EcoBank Ghana were the top three banks with strong performances in the year under review.