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GCB to target other profitable markets
Posted on: 10-Jul-2013        
Mr. Simon Dornoo, Managing Director of GCB has said that the bank is positioning itself to target identifiable growth opportunities outside Ghana.

He said GCB is currently focusing on the Ghanaian market, after which the brand will be exported into other markets where it identifies profitable growth opportunities.

Mr. Dornoo revealed that during this Diamond Jubilee celebration of the bank, GCB has embarked on a historical transformation exercise to reposition itself in the marketplace.

The Minister of Finance and Economic Planning, Mr. Seth Tekper who was the special guest of honour at the GCB 60th Anniversary Awards and Dinner Dance, called on Banks to consider ways of increasing lending to small- and medium-scale companies in the export sector so they can be sources of foreign exchange for the country.

Mr. Terkper noted that currently commodity prices continue to soften, which means that export revenue is likely to be lower than planned this year.

We are already beginning to see this reflect in a weaker cedi, so we need you banks to encourage your customers to export in order to further reduce reliance on traditional exports, he stressed.

The minister added that the current situation wherein the scramble for the dollar tends to weaken the cedi, any support of the export sector from the Banks will help transform the economy tremendously.

Mr. Tekper acknowledged GCBs effort at automating the credit review process for its SME customers, which is aimed at delivering faster turn-around times in decision-making and improving access to much-needed funds, and said he would be happy to see GCB lead in export financing to SMEs for the benefit of the nation.

He assured that the Government on its part will finance the capital component of the budgets with longer tenor bonds and loans, preferably from the international capital markets, to ease the pressure on the short-end of our domestic Treasury markets.

The minister commended GCB for being a strong corporate citizen over the years, having lived up to expectation in the payment of corporate taxes and dividends.

Over 30 customers, both corporate and individual and staff, were rewarded for their relationship and length of service with the Bank at the State Banquet Hall in Accra.