During the 70th Anniversary Celebrations of GCB Bank, Dr. Ernest Addison, the Governor of the Bank of Ghana, expressed optimism about the performance of banks in the first half of 2023, despite the challenges caused by the Domestic Debt Exchange Programme (DDEP) in 2022.
While acknowledging the ongoing adjustments in the Ghanaian economy that demand innovation and creativity, particularly in the banking sector, Dr. Addison affirmed that the banking industry would bounce back.
He highlighted that although the DDEP had impacted banks’ profitability and solvency in the previous year, the performance during the first half of 2023 appeared promising.
The Bank of Ghana has granted temporary regulatory relief to alleviate the effects of debt restructuring, and the expected operationalization of the Ghana Financial Stability Fund should further support the banking sector.
Banks whose Capital Adequacy Ratio (CAR) dropped below the 10% minimum due to the DDEP were advised to submit recapitalization plans for review.
The Governor commended GCB Bank’s shareholders for their agreement to raise an additional capital of ȼ1.0 billion to meet regulatory capital adequacy ratio requirements.
He also praised them for enhancing the bank’s deal-making capacity and utilizing opportunities while preserving its core strengths.
This move would strengthen access to funding markets, bolster confidence in the bank, and support targeted and prioritized investments in digital transformation, ultimately aligning with the bank’s business strategy.
Dr. Addison expressed his confidence that GCB Bank would overcome emerging economic and financial challenges through collaborative efforts between the regulator, directors, and shareholders of the bank.
Reflecting on GCB Bank’s achievements, Dr. Addison noted that the bank had made significant strides in cyber security, including becoming the first financial institution in Ghana with a Security Operations Centre (SOC) and a full member of the Forum for Incident Response and Security Teams (FIRST).
In their pursuit of innovation, GCB Bank launched Ghana’s first bank-led mobile money service, G-Money, which currently serves more than 2.7 million customers, offering services such as money transfer and bill payments.
The Governor highlighted that these accomplishments had earned GCB Bank recognition, with the bank being adjudged the top financial services firm at the 2022 Ghana Club 100 Awards.
GCB Bank ranked first in the banking sector and tenth among the top 100 prestigious companies in Ghana.
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