GCB to target other profitable markets — Dornoo
The Managing Director of Ghana Commercial Bank (GCB), Mr Simon Dornoo, has said that the bank is positioning itself to target identifiable growth opportunities outside Ghana.
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He said GCB was currently focusing on the Ghanaian market, after which the brand would be exported into other markets where it identified profitable growth opportunities.
Mr Dornoo revealed this during the diamond Jubilee celebration of the bank in Accra.
The Minister of Finance and Economic Planning, Mr. Seth Terkper called on banks to consider ways to increase lending to small and medium scale companies in the export sector as sources of foreign exchange for the country.
Mr Terkper noted that currently commodity prices continue to soften which means that export revenue was likely to be lower than planned this year.
“We are already beginning to see this reflect in a weaker cedi so we need to encourage customers to export in order to further reduce reliance on traditional exports”, he stressed.
The minister added that the current situation where the scramble for the dollar turns to weaken the cedis any form of support for the export sector from the banks would help transform the economy tremendously.
Mr Terkper acknowledged GCB’s efforts at automating the credit review process for its SME customers who had the aim of delivering turn-around times in decision-making and improving access to much-needed funds.
He said that the government on its part would finance the capital component of the budgets with longer tenor bonds and loans, preferably from the international capital markets to ease the pressure on the short-end of the domestic treasury markets.
The minister commended GCB for being a strong corporate citizen over the years, having lived up to expectation in the payment of corporate taxes and dividends.
Over 30 customers, both corporate and individual and staff were rewarded for their length of service with the bank.
Daily Graphic/Ghana