The central bank Governor, Dr. Ernest Addison, has commended GCB Bank for its pivotal role in advancing the national agenda of financial inclusion and financial literacy.
Speaking at the GCB Bank Platinum Series Conference, Dr. Addison highlighted the bank’s pivotal role in deepening its reach to remote communities through its expansive branch network, stating: “I have no doubt in my mind that GCB Bank will continue to chart new horizons, shatter barriers and inspire change within Ghana and beyond.”
The conference, themed ‘70 years of providing unrivalled financial solutions in the socio-economic development of Ghana’, provided a platform to celebrate GCB’s contributions to the nation’s economic growth.
Dr. Addison emphasised GCB Bank’s impact on financial intermediation, citing its position as the second-largest bank in credit extension – holding a 10.7 percent share of gross loans as of December 2023. He also recognised the bank’s crucial role in facilitating Ghana’s international trade through various financial instruments: such as letters of credit, medium-term loans, forward contracts and export credit guarantee lines.
Highlighting a landmark achievement, Dr. Addison noted: “In March 2023, GCB Bank executed Ghana’s first successful Pan-African Payment and Settlement System (PAPSS) client transaction”. A year later, PAPSS expanded its reach to twelve central banks and signed agreements with ninety-five commercial banks across the continent.
The Governor commended GCB Bank’s consistent delivery of customised financial solutions and stellar customer service, acknowledging the bank’s dedication to meeting the diverse needs of both individuals and corporations. GCB’s proactive approach to addressing challenges and uncertainties in the banking sector has stood out, demonstrating vision and resilience since its inception in the 1950s.
With over 150 branches and 11 agencies across all 16 regions of Ghana, GCB Bank has become a beacon of financial accessibility. Dr. Addison praised the bank for bringing its services to new and remote areas, making access to financial services possible for many. The bank’s embrace of digital finance evolution was also highlighted, with GCB being the first in Ghana to launch a bank-led mobile money service, G-Money, currently serving over 2.7 million customers.
Moody’s, Fitch and Standard & Poor’s recently adjudged GCB Bank as the safest bank in Ghana, while the Association for Certified Compliance Professionals in Africa (ACCPA) voted it the most compliant bank in Africa. These accolades underscore GCB’s commitment to delivering exceptional value to stakeholders and setting the pace in banking industry achievements.
Managing Director-GCB Bank, Kofi Adomakoh, in his welcome address at the platinum thought leadership conference said: “The Banking sector is going through rapid changes, and through these collaborative and innovative discourses we will carve the roadmap to navigate and lead in these turbulent times.
“Today, we celebrate GCB Bank, Ghana’s largest indigenous bank, for leading the Ghanaian Banking sector in many ways. It has been the national economy’s cornerstone since it commenced operations on May 20, 1953 as the ‘Bank of the Gold Coast’. For seven decades, this bank has assisted private, public institutions and individuals in achieving their goals and financial well-being respectively,” he stated.
“The bank has achieved many successes and also encountered challenges, but it has shown resilience and always recovered. We seek to show more of that resilience in our ability to support our customers to grow, expand their businesses, and support the communities in which we operate. Partnerships and engagements through discussions of this type will help shape our strategies for the future and provide economic literature for various stakeholders. Our focus on digital transformation, customer experience, risk management, investment in our human resources and ESG will spearhead our growth as a bank,” Mr. Adomakoh added.
The conference served as a platform to discuss crucial issues around ethics, financial conduct, financial inclusion, mobile money and the reinvention of finance in Africa. Dr. Addison expressed excitement about the potential for digital innovation to act as a catalyst for growth, especially during challenging times like the pandemic.
