EXPAND GCB OPERATIONS ABROAD ...Finance Minister urges board, management (SPREAD)

The Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, has challenged the board and management of the Ghana Commercial Bank (GCB) to extend their operations beyond the country’s borders.
He noted that the bank had the necessary personnel and with the current conducive economic environment it would open branches outside Ghana.
“I urge you to move the flag of Ghana beyond its shores. Yes your time has come. Today, with your remarkable achievements, GCB has the capacity to embark on international expansion,” he said.
In a speech read on his behalf by the Deputy Minister of Finance and Economic Planning, Dr Anthony Akoto-Osei, at the inauguration of the Takoradi main branch building of the Ghana Commercial Bank, Mr Baah-Wiredu noted that challenges led to the closure of the bank’s branch in Togo sometime ago, but the time was now right for the GCB to consider opening branches in the Gambia, Togo, La Cote d’Ivoire and Burkina Faso.
He said since the discovery of oil in commercial quantities in the Western Region, companies with foresight had started their strategic move to position themselves for the evolving business opportunities.
He was, therefore, happy to be part of GCB’s strategy of moving its old branch into a modern, more spacious and customer-friendly environment to attract a chunk of the oil business.
The Finance Minister said it was anticipated that Tullow, an oil exploration and development company, would spend close to GH¢3 billion in the next two to three years.
“The GCB is appreciated for its role in the development of this nation and the economy as a whole,” he said.
He added that the bank’s support of the national economy was immense and that its support for the oil sector, practically and literally, fuelled the engine of growth of the country.
According to him, the government, knowing the importance of the banking and finance sector, had facilitated the establishment of the first credit referencing bureau in the country to ensure the sustenance of the credit cycle of banks and as such the financial sector.
Mr Baah-Wiredu stated that the Italian government in a recent agreement with Ghana, would ensure the availability of credit for small and medium-scale enterprises (SME’s), saying “I know that SME’s feature firmly in GCB’s credit policy and l hope the injection of funds in the economy and targeted at SME’s will enable GCB to satisfy the demands of this special group”.
He said while some questioned the opening up of the economy to foreign banks, the performance of GCB in the last couple of years gave him confidence in that policy.
Mr Baah-Wiredu noted that in the face of intense competition, the bank had proved its mettle with achievements that were based on the vision and the strategy of leadership.
The Managing Director of the Ghana Commercial Bank, Mr L .N. Adu-Mante, appealed to the government to direct more business through the bank to build capacity for it to enhance its investments in areas of the country where other competitors would not and did no want to go.
“For this community service, we deserve government’s consideration and support,” he said.
He reiterated the bank’s commitment to expanding banking services for customers spread across the widest geographical coverage while offering a broad range of differentiated products and services through an efficient information technology system.
“Riding on the back of an efficient IT system, GCB will bring its expertise in oil financing to bear on the business in Takoradi and beyond,” he said.
“GCB already can boast the confidence of its correspondent banks who are in the international market and who through collaboration with GCB will address the financial requests of oil companies operating from this region with expediency.”
Mr Adu-Mante noted that with the shifting of business concerns to the oil region, there was the need for international banking standards in services and that the GCB was well poised for this.
According to the managing director, GCB was unique, since it was the only bank that could boast being the backbone of the national economy, with a national conscience and history.
He said the bank acknowledged the developments in the financial sector, which had led to the influx of more banks into the country.
That had come with an aggressive competition as the bank competed with others for the same business but the enormous growth witnessed in the economy and the oil find in the Western Region had thrown to the bank challenges, as well as opportunities.
“One’s survival in these dynamic developments is to strategise and adopt the right measures to win a chunk of the business,” he stated.
“That is why GCB is opening more branches and doing so strategically.”