Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has lauded the Ghana Commercial Bank (GCB) for championing financial intermediation and innovation in its service delivery.
Dr. Addison emphasised the bank’s critical function in expanding its reach to far-reaching regions through its wide branch network. The Governor was speaking at the GCB Bank Platinum Series Conference on the theme “70 years of providing unrivalled financial solutions in the socio-economic development of Ghana.”
“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,” he stated.
Dr. Addison underlined the significance of GCB Bank for financial intermediation, pointing out that the bank is the second-largest provider of credit extension, accounting for 10.7 percent of total loans as of December 2023.
He also acknowledged the critical role the bank played in enabling Ghana’s export credit guarantee lines, medium-term loans, forward contracts, and letters of credit, among other financial instruments, in the country’s foreign trade.
“In March 2023, GCB Bank executed Ghana’s first successful Pan-African Payment and Settlement System (PAPSS) client transaction,” Dr. Addison noted as a landmark achievement for the bank.
After a year, PAPSS forged relationships with 95 commercial banks throughout the continent and extended its scope to twelve central banks.
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The Governor acknowledged GCB Bank’s commitment to serving the various requirements of both individuals and businesses and praised the bank for its constant supply of tailored financial solutions and excellent customer service.
Since its formation in the 1950s, GCB has distinguished itself by taking a proactive stance in tackling issues and uncertainties in the banking industry. This strategy, according to Dr. Addison, demonstrates the bank’s vision and resilience.
With more than 150 branches and 11 agencies spread throughout the 16 regions, GCB has established itself as a leader in easy access to finance.
Dr. Addison commended the bank for expanding its offerings to new and isolated locations, enabling many people to have access to financial services.
He also praised the GCB for embracing the growth of digital banking, indicating that it was the first in Ghana to introduce G-Money, a bank-led mobile money service that now has over 2.7 million users.
The Association for Certified Compliance Professionals in Africa (ACCPA) named GCB Bank the most compliant bank in Africa, while Moody’s, Fitch, and Standard & Poor’s recently rated it as the safest bank in Ghana.
These honours serve as a testament to GCB’s dedication to providing outstanding value to stakeholders and leading the banking sector in accomplishments.