Ecobank Ghana PLC has showcased its strongest financial performance to date, with its 2024 annual general meeting revealing a significant leap in profitability and market dominance. Chairman of the Board, Mr. Samuel Ashitey Adjei, attributed the remarkable results to disciplined execution, a bold strategic shift, and a clear commitment to delivering value to shareholders and customers.
The bank’s profit before tax soared by 139.3% to GHS 2.4 billion, a testament to what Mr. Adjei described as a “customer-centric plan for growth.” Revenues reached GHS 5.4 billion, largely fueled by higher net interest income and fee-based activities. Total assets grew to GHS 46 billion, representing a 36.7% increase year-on-year, while customer deposits climbed by 23.2% to GHS 32.5 billion.
Ecobank Ghana maintained an impressive cost-to-income ratio of 36.8% and saw return on equity jump to 38%, with return on assets improving to 4.3%. These gains came alongside a strong capital position, as the bank posted a Common Equity Tier 1 ratio of 15.39% and an overall Capital Adequacy Ratio of 17.03%—well above the Bank of Ghana’s regulatory minimum.
To reward shareholders, the Board has proposed a dividend of GHS 0.34 per share, balancing the need to retain earnings for future growth with the duty to share returns. The bank’s transformation was anchored on its Growth, Transformation, and Returns (GTR) model, which has driven both performance and a strategic pivot toward digital innovation.
Mr. Adjei reaffirmed Ecobank’s vision of being a digital-first financial institution, citing substantial investments in artificial intelligence, data analytics, automated teller machine upgrades, and anti-money laundering systems. Enhanced digital platforms and automated processes, he noted, have improved operational agility and enhanced customer service.
Despite macroeconomic volatility—including inflation, cedi depreciation, and fiscal consolidation—Mr. Adjei highlighted the bank’s ability to stay ahead of shocks. Ghana’s improving economic indicators, such as GDP growth rebounding to 6.3% and inflation easing to 23.8% by year-end, created a more supportive environment. International reserves also grew to $8.98 billion, while the government’s successful US$13 billion Eurobond restructuring helped stabilize the local currency.
Ecobank also marked a major milestone in environmental sustainability, launching its inaugural Sustainability Week with an emphasis on waste transformation. The initiative cut waste by 30% and is projected to reduce CO₂ emissions by over 200 tons annually. The bank also received approval from the Green Climate Fund for the Accelerating Solar Action Program (ASAP) and set targets to halve its carbon footprint by 2030 while increasing its sustainable finance portfolio by 20% each year.
In furthering its social impact, Ecobank Ghana committed GHS 2.2 million to educational projects through its Ecobank Day celebration. Partnering with institutions like South Labone Girls Technical Institute and Potter’s Village Orphanage, the bank equipped schools with digital labs and AI learning tools to bridge the digital skills gap among youth.
The bank’s excellence did not go unnoticed in 2024. It collected multiple awards, including Best Sustainable Finance Bank and Best Digital Bank from Global Finance and Euromoney, while retaining its place in the Chartered Institute of Marketing Ghana’s Hall of Fame and placing 7th in the Ghana Club 100 rankings.
Mr. Adjei paid tribute to outgoing board members Dr. John Ofori-Tenkorang and Dr. Edward Nartey Botchway for their governance contributions, and commended Managing Director Mrs. Abena Osei-Poku for her leadership in steering the bank to new heights.
Closing his address with confidence and optimism, Mr. Adjei said the bank’s foundation is strong, its direction is clear, and its role in Ghana’s economic transformation remains central. He reaffirmed Ecobank’s unwavering commitment to innovation, inclusiveness, and sustainable growth in a future-ready financial landscape.
