GCB Bank reacts to GGAG corruption allegations

GCB Bank has described as false a publication by a body calling itself Good Governance Advocacy Group (GGAG), alleging that the bank’s Board has engaged in corruption, abuse of office, and conflict of interest.

The bank has urged its customers and shareholders to disregard the publication, which has been circulated in some media outlets to tarnish the Board’s image.

“The Board of the bank denies all the allegations levelled against it in the said petitions, and states emphatically that the accusations and assertions made by GGAG are false, inaccurate, misleading, mischievous, unmeritorious, frivolous and vexatious designed to bring the image of the bank’s Board into disrepute,” a statement from the bank said.

It warned that the bank will take all necessary and appropriate steps, including legal action, to protect its brand and reputation.

The statement explained that the bank has always been guided by the rules, regulations and directives of the Bank of Ghana’s Corporate Governance Directives 2018, Banks and Specialised Deposit-Taking Institutions Act, 2016.

“The Board states categorically that it cooperates fully with the Bank of Ghana and its supervisory Department in its oversight function of all activities of banks, which includes the assurance of good governance.”

The Board reiterated that all its decisions are grounded in law, good governance practices, and conventions which reflect best industry practice.

“The Board would like to assure all stakeholders of the bank – including but not limited to shareholders, customers and the general public – that it is focused on its agenda of positioning GCB Limited as a dominant player in the Ghanaian banking industry,” the statement said.