GCB Bank has issued a statement debunking a publication by “Concerned Staff of GCB” alleging that the bank has been engulfed in issues of corruption, bad corporate governance and selective application of the bank’s policies. The bank has described the allegations as false and malicious.
According to the statement signed by the Corporate Affairs Manager, Emmanuel Kojo Kwarteng, the letter circulating on social media is fake and lacks credibility. It also observed that, the fake group calling itself ‘Concerned Staff of GCB’, created a cloned version of a reputable media firm in Ghana to enable them push their malicious agenda.
“The content of the letter which was authored by a group calling itself “Concerned Staff of GCB” are false, malicious and intended to discredit the board and management of the Bank. The malicious persons tried to imitate the official website of a credible and well-known media house in Ghana. The Board and Management of GCB would like to urge its staff, customers, shareholders and the general public to ignore the letter being circulated on social media and other platforms”.
GCB Statement
GCB Bank, in this statement, assures its cherished customers, hard-working staff, the board and management of GCB Bank and the general public that GCB Bank remains committed to good corporate governance.
Moreover, GCB Bank indicated that it has a well-structured procedure for addressing issues of concern and for reporting any acts of wrongdoing through a whistle blower policy. Furthermore, the statement added that, “the group failed to adhere to the bank’s internal procedures but rather sought to use malicious means to damage the reputation of the bank.”
Meanwhile, the statement stated that the Bank has an established credit underwriting and approval process that is comparable with international best practice and all credits are subjected to this process for approval.
“In the administration and monitoring of our loan portfolio, GCB has consistently complied with International Financial Reporting Standards (IFRS) and Bank of Ghana’s governance and risk management directives.”
GCB Statement
Also, in addressing the allegation by the supposed “Staff of GCB” relating to party loans, the bank said the loans were duly approved because they complied with the bank’s internal processes.
“These related party loans were fully disclosed to the relevant authorities in accordance with regulatory requirements and were duly reported in the Bank’s 2020 audited financial statements.
“GCB remains very well capitalized with a capital adequacy ratio [CAR] significantly exceeding the minimum regulatory ratio of 13%. As of 31st December 2020 and 31st March 2021 the CAR of the bank was 20.6% and 19.7% respectively”.
The statement concluded by encouraging the general public that, management will continue to engage and collaborate with all staff and other stakeholders to execute its strategy to dominate the market in Ghana.
You will recall that on the 28th May, 2021, a letter titled – “Request to Address Issues of Corruption, Bad Corporate Governance and Selective Application of the Bank’s Policies,” by a malicious “Concerned Staff of GCB” made the waves on social media. It has however generated many reactions with the customers of GCB Bank particularly worried.
