The inaugural “credibility-rating” engine 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.

The assessment covered the 2018 financial year.

Interestingly, indigenous banks - NIB, ADB - and partial Ghanaian bank, the merged Omni BSIC, did not make it to the top 20 of the most credible banks in Ghana.

Methodology

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 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.

Some major criteria in the computation of the GBCI included an executive track record of the board and management membership, educational qualifications of board members and senior management personnel and the emphasis on continuous professional development with the studied banks.

Others were reputational factors, degree of board independence from shareholder and management control and influence and consistency and accuracy in board management communications as ascertained from comments in the media, advertising, and publications, including official documentation and reports.

The focus of the rankings

In this inaugural index, the primary focus was on the quality of bank boards and senior management personnel.

The Konfidants team was of the view that in the wake of recent developments in the banking sector, corporate governance and management competence have emerged, by far, as the most critical factors in determining bank performance and success.

The analysts were able to more rapidly double-check how traditional benchmarks, such as net interest margin, capital adequacy, asset quality, return on equity and return on assets, conceal or reveal the most salient factors in banking governance and reputation.

Here are the banks' rankings according to the Credmap Technology

Standchart (1st)

Zenith Bank Ghana (2nd)

Ecobank Ghana (3rd)

UBA Ghana (4th)

Barclays Bank (5th)

Societe Generale (6th)

Stanbic Ghana (7th)

Fidelity Ghana (8th)

Access Ghana (9th)

GCB Bank (10th)

CAL Bank (11th)

UMB Bank (12th)

Bank of Africa (13th)

Bank of Baroda (14th)

FBN Bank Ghana (15th)

GT Bank (16th)

FNB (17th)

First Atlantic Bank (18th)

GHL Bank was (19th)

Republic Bank (20th)