Indigenous banks need support to fuel Africa’s development – GCB Bank MD

Mr Kofi Adomakoh, Managing Director, GCB Bank PLC, has called for more investment and a supporting environment for indigenous banks across Africa to engender sustainable growth.

That, he said was necessary in ensuring the banks’ survival, financial assistance to businesses, particularly Small and Medium-sized Enterprises (SMEs), and facilitation of the operation of the Africa Continental Free Trade Area (AfCFTA).

“A few countries have sustained development solely on the back of foreign capital, but many countries have developed on the back of domestic internally generated capital driven by a very strong banking sector led by indigenous banks,” he said. He said this at the Bank’s 70th-anniversary awards and gala night, held over the weekend in honour of the role and backing of customers, training institutions, former Managing Directors and Board Chairpersons, and shareholders. He cited Nigeria, South Africa, Kenya, and Egypt as examples of countries that had capital in the hands of indigenous banks, and were driving their economies to sustainable growth.

“We must position GCB to be the anchor financial institution for Ghana; we must leave a legacy for future generations, where a seed can continue to be sown to bear fruits in perpetuity,” Mr Adomakoh said. He explained that when a conducive environment was created for indigenous banks, “it is just a matter of time, and Africa will be left for Africans to build, operate, and own and this time, not transfer.” “African banks will take the risk on African businesses because we understand them better, and GCB must be at the forefront of the banking industry to take advantage of this,” he stated. Recounting GCB Bank’s 70-year journey, he stated that it had throughout the political and economic turmoils of the 1960s and 1970s, shown resilience and continued to support the Ghanaian economy and businesses.

The President, Nana Addo Dankwa Akufo-Addo, in a speech at the ceremony, said that the government was working on improving the credit system in the country to make banks, including GCB Bank thrive. He commended the bank for remaining resilient throughout its 70 years, providing the needed financial support to individuals, and businesses and contributing to community and national development.

On the night, Managing Directors and Board Chairpersons who served the bank from 1986 to 2023 were honoured for their meritorious services and contribution to the Bank’s growth and resilience. The National Banking College and the Chartered Institute of Bankers were also recognised for their contribution to the development of the human capital of the Bank. Three customers, selected from categories – retail, commercial, and corporate – were honoured for their dedication and commitment, while one individual and two institutional shareholders were equally commended by the Bank.

The 70th-anniversary celebration of the Bank commenced in May 2023 with commemorative events across the country, including the official launch, health walks and medical screening events, and product launches. A thought leadership programme would be held on February 8, 2024, bringing together world-class and highly respected experts to share perspectives and deliberate on topics relevant to Ghana’s development. The celebrations will end with a Thanksgiving service in May 2024. GNA