Participation
According to Dr. Addison, GCB Bank has made significant recent contributions to the nation’s development agenda through consistency and resilience. Specifically, the bank has deepened its reach to the most remote communities through its expansive branch network, helping drive the national agenda of financial inclusion and financial literacy.
Being the second-largest bank in terms of credit extension (10.7% of gross loans as of December 2023), the bank has also positively impacted the promotion of financial intermediation. It also plays a crucial role in facilitating Ghana’s international trade through its dealings in export credit guarantee lines, forward contracts, letters of credit, and financing medium-term loans, among other things.
For instance, according to Dr. Addison, Ghana’s first successful Pan-African Payment and Settlement System (PAPSS) client transaction was carried out by GCB Bank in March 2023.
“One year later, PAPSS has signed agreements with ninety-five commercial banks throughout the continent on the Switch platform, of which thirty-seven are fully integrated, and facilitated transactions with twelve central banks,” he continued.