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21.03.2009 Business & Finance

GCB: “This year is critical for Ghana”

By gna
GCB: “This year is critical for Ghana”

Ghana Commercial Bank has cautioned that this year is critical for Ghana, as the financial crisis which has hit the US and Europe is having repercussions on the country, especially the financial sector.

“The fall or threat of collapse of some big financial institutions, mortgage and insurance firms in developed countries makes operations in the banking sector more challenging,” Mr. Lawrence Adu-Mante, Managing Director of the Bank, said at a media soiree on Friday.

He said GCB had been monitoring the situation in the international financial sector and had put in a number of measures to sustain its gains and safeguard investment.

“We have strengthened our internal control and monitoring systems. We are also collaborating effectively with Bank of Ghana, the regulator of banks in Ghana, in its initiatives to enhance banking and to avert any disaster in the banking sector,” Mr Adu-Mante said.

He said the Bank would soon open its 150th branch when the new branch on the Spintex Road in Tema Municipality begins operations. This is up from 138 a year ago.

During that period also, Mr Adu-Mante said, GCB introduced new services and products like Royal Banking, the Bank's version of the private banking, Commernet Plus, their enhanced internet banking service, and Mastercard.

“We are currently upgrading our banking application software as well as some hardware equipment as part of efforts to improve our services for the benefit of our customers, investors and all stakeholders.”

Mr Adu-Mante said as a Bank, they would like to operate in a country with a peaceful and stable macroeconomic environment that would guarantee investment and robust naming.

“You can also support local industries and banks by continuing to devote some of your pages and spots to promote our initiatives, growth and success stories,” he said.

GNA

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