“GCB was born as a Ghanaian Bank for the People and led by Ghanaians with a single-minded purpose to economically and financially liberate Ghanaians and individual businesses. In the last seven decades, GCB has done just that. Today, we are seeking to show more of that resilience in our ability to grow African champions in our country by supporting Ghanaian businesses to explore beyond the shores of Ghana” – John Kofi Adomakoh, MD, GCB Bank, 2023
Today, GCB Bank PLC stands proudly as Ghana’s premier indigenous bank, as it commemorates this significant milestone on its journey, marking seven decades of unwavering dedication to its customers, shareholders, and the nation as a whole. GCB’s story over these years is one of resilience, relevance, resourcefulness and results. Strong attributes which have been very instrumental in building the Bank’s brand and strengthening its position as a top tier bank in Ghana which exemplifies the Ghanaian spirit, showcasing its steadfastness and industry.
Resilience
From 1953 when it was established under the name, Bank of the Gold Coast to GCB Bank PLC, as it is now known as, the Bank has surmounted several challenges in the economic environment in which it operates and has consistently supported local businesses, multi-national organisations and corporates and individuals with unique banking solutions and services.
Today it is Ghana’s largest bank with an unprecedented 185 branches and 340 ATMs across the country through which millions of Ghanaians and local businesses are able to enjoy banking services. Remarkably, GCB has rather grown stronger through all these, maintaining a consistent topmost tier perch over the years.
Relevance
From its early beginnings, GCB has provided vital banking services to indigenous businesses, playing an essential role in Ghana’s journey to independence in 1957 and beyond. Over the years, the Bank has evolved into a Domestic Systematic Important Bank – that is considered to be so important to the financial system that its disruption could cause significant challenges – catering to the multifaceted financial needs of its clients across every region and district of the nation.
This has been in addition to supporting the hotspots of the economy like agriculture, oil and gas, roads and transport, telecommunications, manufacturing and trade. In recent years, GCB has further demonstrated its commitment to clean and renewable energy, partnering with Agence Française de Développement to support initiatives that reduce reliance on fossil fuels. GCB’s growth and subsequent relevance, therefore, has been fueled by its commitment to supporting local businesses and driving economic prosperity.
In addition, GCB has through its corporate social responsibility agenda supported communities through the provision of education and health facilities, in particular. 37 Military Hospital, Ussher Hospital, Acherensua Senior High School, Bomaa Roman Catholic Junior High School and the Universities of Development Studies and Health & Allied Sciences, just to mention a few, have all been beneficiaries of GCB’s support. GCB has therefore, over its seven decades, been focused and well positioned to deliver continuous support to the people, communities and economy of Ghana.
Resourcefulness
GCB’s success and growth over the years stems from its strong leadership team, good corporate governance and a passionate and committed staff. From 27 employees in its very beginnings, today, GCB’s over 4,000 strong values-driven and passionate team of employees continue with the Bank’s tradition of been focused on delivering growth in revenue, profitability and operational excellence guided by a Board and Executive Team which have the development of its people and growth of talent high on its agenda.
GCB’s focus on both the growth of its people and the support it channels into the hotspots of the economy remains one of the key drivers of its ability to continue to deliver an agenda which is a right-fit with that of the country. This has not just made GCB a key player in Ghana’s development but also as a competitive place to work where the Bank is well placed to continue to churn out resources to support national development.
Results
There is no doubt that GCB has over the years contributed significantly to the economic growth of Ghana. The success of the Bank serves as a testament to the effectiveness of public-private partnerships by illuminating how collaboration between the public and private sectors may result in long-lasting companies that stimulate economic growth.
This, however, was not attained overnight. Through resilience, resourcefulness and focus the Bank has consistently delivered top tier performance and has delivered a progressive performance over the years with double digit growth to show.
Introducing innovative products to meet the evolving needs of customers has been the order of the day at GCB. The exciting G-Money is a case in point with over two million customers to boot. The most exciting development here is that the Bank remains on the path of consistent delivery of strong results, as its first quarter 2023 performance. This is because GCB remains committed to an agenda to deliver improving value to shareholders through excellence in every facet of the Bank’s operations.
A future of success fueled by trust and commitment
Seven decades of investments in technology, risk management and talent development has enabled GCB to continually sharpen its customer-centricity and also engender trust with its stakeholders. This unwavering dedication to upholding the trust of its stakeholders has helped GCB overcome many obstacles, making it a bank that endures both prosperous and difficult times giving greater meaning to its brand promise of being “Your Bank for life”.
Furthermore, the Bank has continued to lead the way in delivering excellent products and services to its customers and clients. GCB has embraced the digital transformation which is anchored on understanding customer needs and providing seamless, personalized experiences. In an era where customers engage with banks through various platforms, GCB’s customer-centric approach sets it apart.
GCB’s future is certainly set on a great trajectory to success based on the above. The Bank nevertheless is not resting on its oars. With a three-pronged agenda which is focused on delivering improved performance and excellence in the areas of revenue, operation and people, GCB is set to travel higher up the rungs towards its next significant milestone.
More than banking – a legacy
With a strong balance sheet and a history of impactful contributions to various stakeholders, GCB is poised to continue its mission of driving economic growth and being a strategic national asset. GCB’s commitment to excellence, innovation, and societal well-being remains resolute, ensuring that its legacy continues to shape Ghana’s progress for generations to come.
As the Bank continues to evolve, it envisions a future where it would play a central role in connecting all its clients by leveraging data and analytics to provide superior solutions. Through digital transformation and a relentless focus on customer needs, GCB aims to shape the financial ecosystem across the continent.
If the past is any indication of the future, the next chapter of GCB’s story promises to be one of continued growth, innovation, and transformation, guided by the same principles of trust and customer focus that have propelled it forward for seven remarkable decades.
To this end, we say 70 hearty cheers, well done and “ayekoo” to all who have played a part in the GCB story.
Historic milestones
- 1953: The Bank of the Gold Coast is established, later becoming GCB Bank.
- 1957: Ghana gains independence, and GCB plays a crucial role in supporting indigenous businesses during this transition.
- 1996: GCB lists on the Ghana Stock Exchange, partnership with the private sector to drive further growth and increase its contribution to the Ghanaian economy.
- 2014: GCB undergoes a transformative rebranding including the change of its name to GCB Bank and reemphasizing its commitment to superior customer solutions and services.
- 2017: GCB acquires UT Bank and Capital Bank, reaffirming its commitment to a stable banking sector and national development and economic goals.
- 2020: GCB demonstrates resilience during the COVID-19 pandemic, aiding the distribution of financial support to local businesses.
Quantitative Impact
- GCB boasts a network of over 185 branches and 340 ATMs, strategically located across Ghana.
- The Bank has over 2 million customers, showcasing its significant role in fostering economic growth.
- GCB’s pledge of GHS 1 billion to the Government’s Industrialization Initiative, “One District, One Factory”, highlights its dedication to driving the manufacturing sector’s expansion.
