GCB Bank freezes loan repayment for 2 months, cuts personal loan interest rate

GCB Bank has reduced interest rates on personal loans from 26 per cent to 24 per cent per annum with immediate effect.

The bank has also granted a two-month moratorium on both the principal and interest repayment on personal loans.

The measures form part of extensive efforts by the bank to lessen the impact of the new coronavirus (COVID-19) pandemic on its customers and Ghanaians in general.

The Managing Director of GCB Bank, Anselm Ray Sowah, stated that “as Ghana’s largest indigenous bank, we have the mandate to seek the interest and well-being of Ghanaians and to be at the forefront of Ghana’s socio-economic drive”.

“The reduction in interest rates and the moratorium granted are, thus, a reflection of the bank's tireless commitment in helping to positively impact the lives of Ghanaians, especially, in these trying times,” he added.

Commenting on the initiative, the Head of Consumer Banking at GCB Bank, Mr John Adamah, stated that the bank is conscious of the hardships the coronavirus is inflicting on Ghanaians through low productivity, job and salary cuts, culminating in reduced household income, adding that this is a direct intervention aimed at helping individuals to meet pressing personal needs.

GCB Bank recently celebrated its 67th anniversary.