GCB Bank supports sustainable development 5Ps attainment - MD at New Year School

The Managing Director of GCB Bank PLC (GCB), Kofi Adomakoh, has highlighted the contribution of his bank and that of other private sector players to Ghana’s efforts to attain the five Ps of sustainable development.

He indicated that there must be closer collaboration to deliver benefits to all Ghanaians.

Mr Adomakoh was speaking at the University of Ghana’s 76th Annual New Year School and Conference on the private sector’s contribution to the conference, which was on the theme:

“Attaining the 5-Ps of Sustainable Development for a Resilient Ghana: People, Planet, Prosperity, Peace, Partnership”.

Prosperity

The GCB MD stated that the private sector was committed to supporting the efforts of the government and cited GCB Bank as an example in its efforts to deliver ‘prosperity’.

“We (GCB) are tackling these challenges head-on by extending financial services to remote areas, empowering small and medium enterprises (SMEs) with accessible digital platforms, and championing financial inclusion initiatives that leave no Ghanaian behind,” he stated.

Mr Adomakoh said transformation was only meaningful when it was inclusive and far-reaching, touching every corner of our nation.

He cited countries such as Kenya where its M-Pesa platform had become a lifeline for farmers and traders. The GCB MD said he believed that Ghana could replicate that success by fostering an ecosystem where every citizen, regardless of geography, could have access to financial tools that empowered them.

“True prosperity means that Ama, the trader, can scale her business through digital platforms; Kojo, the farmer, can access fair markets, and Zaynab, the seamstress, can save for her children’s future, all because the systems we create work for every Ghanaian,” he added.

People

Mr Adomakoh indicated GCB’s contribution in the area of ‘people’ with regard to the attainment of the Sustainable Development Goals (SDGs). 

He acknowledged that Ghana was blessed with a vibrant youthful population with 57 per cent under the age of 25, representing a wellspring of potential.

He was quick to add, however, that the untapped potential of the youth could easily become a liability that could significantly impact the country’s effort to achieve the SDGs.

“At GCB Bank, we have taken steps to bridge this gap by partnering institutions such as the University of Ghana to promote financial literacy and entrepreneurship training programmes tailored to emerging sectors such as fintech and agritech,” he said.

Collaboration

The astute banker called for closer collaboration between the government and the private institutions to form public-private-partnerships to develop and expand various sectors of the economy, including modernising transport networks, expanding renewable energy access such as solar mini-grids to rural areas, and promoting initiatives such as e-government services, among others.

According to him, by channelling global lessons into local solutions tailored to unique needs, “we can empower small businesses, attract investment and create opportunities that benefit all Ghanaians”.

Background

The Annual New Year School and Conference organised since 1948, is a major platform for academia, industry, policymakers and other stakeholders to deliberate on pertinent issues critical for national development.

In its 76-year journey, the conference has covered critical sectors such as education, health, agriculture, security and economy, and provided enormous knowledge to accelerate national development.

This 76th University of Ghana New Year School was chaired by the Chancellor of the university, Mary Chinery-Hesse, and had in attendance the Vice-President, Prof. Naana Jane Opoku-Agyemang, who was the special Guest of Honour, as well as the Vice-Chancellor of the university, Prof. Nana Aba Appiah Amfo.