Frequent question: Who owns Ghana Commercial Bank?

Today government ownership stands at 21.36% while institutional and individual holdings add up to 78.64%. From the one branch of the 1950s, GCB now has over 150 branches and 11 agencies throughout the country.

Who is the owner of GCB bank?

Ownership

Rank Name of Owner Percentage Ownership
1 SOCIAL SECURITY AND NATIONAL INSURANCE TRUST 50.50
2 MINISTRY OF FINANCE & ECONOMIC PLANNING 21.36
3 SCGN/Northern Trust Global Services Limited 6.79
4 DANIEL OFORI 3.81

Is Commercial Bank A private bank?

Private Banks are owned by private individuals and entities whereas commercial banks are the entities that include both private and public banks.

What is the new name for GCB?

GCB announces the change of their name from Ghana Commercial Bank Limited to GCB Bank Limited.

When was Ghana Commercial Bank established?

1953

What is the biggest bank in Ghana?

ECOBANK: Ecobank is now the biggest bank in Ghana in terms of operating assets following its merger with The Trust Bank in 2012. Its total assets stood at GHS3.

IT IS INTERESTING:  What's the weather in Egypt in April?

What does GCB mean?

GCB

Acronym Definition
GCB Guyana Cricket Board
GCB Gas Circuit Breaker
GCB Greatest Conceivable Being
GCB Generator Circuit Breaker

What is role of commercial bank?

The general role of commercial banks is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy. In this respect, credit creation is the most significant function of commercial banks.

How do banks make profit?

Banks make money from service charges and fees. … Banks also earn money from interest they earn by lending out money to other clients. The funds they lend comes from customer deposits. However, the interest rate paid by the bank on the money they borrow is less than the rate charged on the money they lend.

What banks do with your money?

It all ties back to the fundamental way banks make money: Banks use depositors’ money to make loans. The amount of interest the banks collect on the loans is greater than the amount of interest they pay to customers with savings accounts—and the difference is the banks’ profit.

What is the interest rate of GCB bank?

GCB is currently the bank with the lowest base rate in the country. With a base rate of 22.75% down from 26.0% GCB is strengthening its market leadership in the country’s banking industry where some banks have their base rates as high as 27% and 29%.

Is GCB a government bank?

Initially, the Bank was wholly owned by the Government of Ghana. However, in 1996, the ownership in the Bank was restructured to reflect private sector participation. Today, government shareholding stands at 51.17% with the Bank listed on the Ghana Stock Exchange.

IT IS INTERESTING:  Question: How many hours is it from Nairobi to Egypt?

How many commercial banks are there in Ghana?

Overview of Banks in Ghana. Ghana’s banking and finance industry consists of 28 private banks. The Bank of Ghana serves as the country’s central monetary authority. Founded in 1957, the Ghanaian central bank regulates financial institutions and banks in Ghana.

Is Ghana Commercial Bank state owned?

Today government ownership stands at 21.36% while institutional and individual holdings add up to 78.64%. From the one branch of the 1950s, GCB now has over 150 branches and 11 agencies throughout the country.

What is the interest rate on Treasury bills in Ghana?

Ghana: Markets

Reference Last
Money Market Rate Mar 2021 13.58
Treasury Bills (over 31 days) Mar 2021 12.61
Lending Rate May 2017 22.5
Average Long-term Government Bond Mar 2016 24.75

What is the vision of Bank of Ghana?

To promote growth and stability of the economies we operate in. We seek to attain high standards of customer service, accountability, efficiency, respect and confidentiality. We endeavour to build long term mutually beneficial relationship with our customers.

Hai Afrika!