UT Bank and GN Bank may soon re-enter Ghana’s financial landscape, Senior Partner at AB & David Africa, David Ofosu Dorte has predicted. This he says marks a potential shake-up in the country’s banking sector.
Speaking on the evolving financial market at the 2025 Crystal Ball Event, Ofosu-Dorte predicted that at least, one of the two defunct banks could regain its operating license in the near future.
“UT Bank and GN Bank—one of them will get their license back,” he stated, adding that this move could signal a broader shift in Ghana’s banking ecosystem.
In addition to this anticipated development, Ofosu-Dorte noted that MTN’s planned transition into a fully operational bank could disrupt the market significantly.
“MTN has already announced becoming a bank. It will look more real soon, and a lot of banks will be scared,” he remarked.
Ofosu-Dorte also alluded to expected changes at the Development Bank Ghana (DBG), suggesting a shake-up could be on the horizon for the state-owned institution.
He forecasted robust growth for Ghana’s capital market as reforms and innovations continue to bolster investor confidence.
The return of UT Bank or GN Bank, coupled with the entry of MTN Bank, could reshape Ghana’s financial sector and foster increased competition and innovation while potentially intensifying challenges for traditional banks.
The potential changes are expected to influence market dynamics and the broader economic landscape.
These developments come as Ghana’s financial sector continues to recover from a comprehensive banking sector cleanup initiated in 2017, which saw the revocation of licenses for several banks and financial institutions due to insolvency and regulatory non-compliance.
