BoG Governor wants GCB to inspire change in banking sector
The Governor of the Bank of Ghana, Dr Ernest Addison, said he expects the country’s largest bank by assets, GCB Bank, to continue to chart new horizons, shatter barriers, and inspire change within Ghana and beyond, as the bank chats a new path into another 70-year milestone.
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In a climate where banking has been characterised by its challenges and uncertainties, he acknowledged the bank, saying “GCB has consistently demonstrated vision and resilience”.
Since its inception in the 1950s, with a single location, GCB Bank has expanded its footprint and reaffirmed its commitment to financial inclusion by opening over 150 branches and 11 agencies, making it the bank with the widest branch network spread across all 16 regions of Ghana.”
Governor Addison, who was speaking at the thought leadership event under the auspices of GCB Bank, said by bringing its services to new and remote areas, GCB Bank has made access to financial services possible for many.
“Additionally, GCB has capitalised on the digital finance evolution, becoming the first bank in Ghana to launch a bank-led mobile money service (G-Money) which currently serves more than 2.7 million customers,” he added.
Contribution
Dr Addison said through consistency and resilience, GCB Bank’s most significant recent contributions to the country’s development agenda include helping drive the national agenda of financial inclusion and financial literacy by deepening its reach to the most remote communities through its expansive branch network.
The bank has also contributed positively to promoting financial intermediation as the second largest bank in credit extension (10.7% share of gross loans as of end-December 2023) and serving as a key facilitator of Ghana’s international trade, with dealings in letters of credit, financing medium-term loans, forward contracts and export credit guarantee lines, among others.
For example, Dr Addison said in March 2023, GCB Bank executed Ghana’s first successful Pan-African Payment and Settlement System (PAPSS) client transaction.
“A year on, PAPSS has facilitated transactions with twelve Central Banks and signed on ninety-five commercial banks cross-continent, on the Switch platform, of which thirty-seven are fully integrated,” he added.
