The Governor of the Bank of Ghana, Dr. Ernest Addison, expressed his anticipation for GCB Bank, the country's largest bank by assets, to continue pioneering new directions, breaking barriers, and catalyzing change both domestically and internationally, as the bank embarks on a new journey towards another 70-year milestone.
In a landscape where the banking sector faces numerous challenges and uncertainties, he commended GCB Bank, noting, "GCB has consistently exhibited foresight and resilience."
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Since its establishment in the 1950s, initially with a single branch, GCB Bank has expanded its presence and reaffirmed its dedication to financial inclusion by establishing over 150 branches and 11 agencies, solidifying its position as the bank with the most extensive branch network spanning all 16 regions of Ghana.
Speaking at a thought leadership event hosted by GCB Bank, Governor Addison highlighted how GCB Bank has facilitated access to financial services for many by extending its operations to new and remote areas.
"Moreover, GCB has embraced the digital finance revolution, pioneering Ghana's first bank-led mobile money service (G-Money), which currently caters to over 2.7 million customers," he remarked.
Contribution
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Dr. Addison emphasized that through its steadfastness and resilience, GCB Bank has significantly contributed to the country's development agenda, particularly by advancing the national objectives of financial inclusion and literacy through its extensive branch network, which reaches even the most remote communities.
Furthermore, the bank has played a pivotal role in promoting financial intermediation as the second-largest bank in credit extension (accounting for 10.7% share of gross loans as of December 2023) and as a key enabler of Ghana's international trade, facilitating transactions such as letters of credit, medium-term loans, forward contracts, and export credit guarantee lines.
As an illustration, Dr. Addison noted that in March 2023, GCB Bank executed Ghana's inaugural successful Pan-African Payment and Settlement System (PAPSS) client transaction.
"A year later, PAPSS has facilitated transactions with twelve Central Banks and onboarded ninety-five commercial banks across the continent onto the Switch platform, with thirty-seven fully integrated," he elaborated.
