Established in 1953, GCB Bank PLC turned 70 this year under the theme: “70 Years of providing unrivaled banking solutions towards the socio-economic development of Ghana.” The milestone was marked with a launch ceremony held at the Labadi Beach Hotel on Wednesday, 2nd August 2023.
Speaking at the launch as the keynote speaker, the Minister for Finance, Hon. Ken Ofori-Atta congratulated the Board, Management and Staff of the Bank on their achievements. He expressed government’s interest in collaborating with GCB to ensure its long-term prospects.
The Minister stated, that given the Bank's strategic importance, government will stand ready to support GCB through any problematic/challenging times to safeguard the long-term prospects of the entire Banking sector.
He also espoused on the bank’s formidable leadership in the banking sector over the past seven decades, adding that GCB has become more than just a bank, a beacon of hope, a symbol of progress, and a testament to the unwavering Ghanaian spirit that does not falter when times are hard.
He commended GCB for posting profits for H1-2023; an estimated GHS 333 million, compared to GHS 306 million in H1-2022, he indicated that such a performance is a positive indicator of Ghana’s economic outlook.
First Deputy Governor, BOG, Dr. Opoku-Afari, in a speech on behalf of Governor of the Bank of Ghana, stated that GCB posted a return on equity of 21.7 per cent last year, despite a challenging microeconomic environment and attendant global economic pressures.
He congratulated shareholders of the Bank on agreeing to allow the raising of an additional capital of GHȼ1.0 billion to:
- Meet regulatory capital adequacy ratio requirements;
- Enhance the bank’s deal-making capacity and take advantage of opportunities available to the Bank while preserving the bank’s core strengths;
- Strengthen access to funding markets and bolster confidence in the bank; and
- Support targeted and prioritized investment in digital transformation and ultimately help to drive the bank’s business strategy.” he said
Board Chairman, Mr. Jude Arthur, in his remarks touched on GCB’s investments in technology infrastructure and enhanced operational efficiency to deliver innovative financial solutions to customers.
Mr. Jude Arthur reiterated the Bank’s commitment to nurturing and developing its workforce to be equipped with relevant skills and knowledge to navigate the challenges of a rapidly changing financial eco system.
“Our goal is to empower our management and staff to unleash their potential, drive innovation, and foster a culture of excellence in all operations”, he said.
MD, Mr. Kofi Adomakoh, stated that as part of its vision to support businesses to explore beyond the shores of Ghana, GCB is poised to grow Ghanaian businesses into becoming global stalwarts.
“We must not take this for granted knowing that only Ghanaians will build Ghana," he stated.
He said, GCB Bank is a strategic business development partner in supporting businesses to attain commanding heights as a means of providing socio-economic development. Corporate and industry clients like Kasapreko, Precious Minerals Marketing Company (PMMC), Blue Skies, Niche Cocoa, Star Oil, Safari Valley Resort and many more companies and SMEs are dominant sector players due to GCB’s intentional support in finance.
He added that, GCB Bank is very proud of its 70th Anniversary milestone because it remains the only public, private partnership (PPP) type of firm of its kind that stood the test of time to be 70 years old.
Mr. Adomakoh reiterated that GCB, from an ownership perspective, is a PPP between the Government of Ghana and the private sector and has remained extremely valuable to its shareholders even in times of economic downturn. “.. let’s preserve GCB as the legacy we build for Ghana in the Banking and Financial sector ..” he added.
As the most dominant industry player, GCB Bank currently has over 185 networked branches, 11 agencies and 340 ATM’s across the country.
Present at the launch were prominent personalities in the banking sector, former managing directors, executives and staff members of the bank, chief executive officers from public and private sector companies, representatives from the judiciary, corporate and retail customers, traditional rulers and politicians, present to celebrate with the Bank.
The anniversary which will be marked by a year-long celebration has activities such as Thought-Leadership Forums, Awards Gala Night, Health Walks, Golf Tournament, Health Screening, Thanksgiving Service and other customer centric activities to commemorate it.