BoG urged to enforce regulation
The acting Managing Director (MD) of GCB Bank Limited (GCB), Mr Samuel Sarpong, has underscored the need for the Bank of Ghana (BoG) to continue to enforce regulations governing the financial sector.
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That, he said, would help maintain in the industry, the soundness and safety of the financial sector.
Speaking to the GRAPHIC BUSINESS on the sidelines of an opening ceremony in Accra, Mr Sarpong noted that the Ghana Deposit Protection Bill when passed would complement the numerous laws in the country but the central bank must develop plans to enforce those regulations.
“In addition to the Depositors Protection Bill, there are enough existing regulations governing the financial sector, so it is up to the regulator to enforce it and also step-up the monitoring systems to ensure that customers and depositors are protected,” he said.
The bill, which is presently before parliament, seeks to establish a Deposit Protection Scheme to protect a small depositor from loss incurred as a result of the occurrence of an insured event and to support the development of a safe, sound, efficient and stable market-based financial system in the country.
Branch opening
Meanwhile, GCB Bank has opened a new ultra-modern branch at Amasaman in the Greater Accra Region as part of the bank’s strategic plans to improve its brand visibility and expand its distribution channels in the country.
The acting MD said this was the second branch to be inaugurated, after the Haatso branch in Accra, which was opened in January, this year, and he added that in the next few weeks, the bank would inaugurate the Adjiringanor and Weija branches both in the Greater Accra Region.
This brings the number of GCB bank branches to 160, a move that puts its strategic plan on course.
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“GCB is well-represented across this country and as we remodel these branches over the next four years, we would also take advantage of business opportunities in expanding and commercially vibrant communities by providing branches to help fuel business activity,” he explained.
Expanding the economy
He said as the country’s economy expanded and opened up opportunities for growth, the GCB would expand its reach by providing modern banking services to help accelerate economic activity.
“Our presence in Amasaman is therefore in recognition of the key role the town and its environs are playing in the national economy. While it offers strategic residential habitation for individuals within close proximity to Accra,” he added.
Mr Sarpong said there were a business boom in Amasaman which required professional and experienced banking services to thrive and GCB was there at the right period to provide the needed support.
“GCB brings to Amasaman our special support for small and medium enterprises, for workers and electronic banking products for individual customers, ATMs and Debit cards,” he noted.
“GCB has invested heavily in Information Computer Technology to drive its business across the 160 –strong branch network and customers can attest to this as they do business across the bank,” he added.
Focus on security
The Municipal Chief Executive (MCE), of the Ga-West Municipal Assembly, Mr Sam Atukwei Quaye, for his part, commended the GCB bank for opening a new branch in the municipality.