GHIB processed US$8 billion payments in West Africa last year

In 2023, Ghana International Bank (GHIB) intermediated over US$8billion in payments for financial institutions in West Africa, solidifying its position as a key player in the region’s financial landscape.

This milestone was highlighted at a grand reception marking the bank’s 65th anniversary, which underscored GHIB’s commitment to fostering international trade and investment in the country.

Chairman of the Board of Directors, GHIB and Governor of the Bank of Ghana, Dr. Ernest Addison, in his address, highlighted the bank’s instrumental role in providing correspondent banking services to domestic banks and institutions across West Africa.

“GHIB is a systemically important financial institution in Ghana and Anglophone West Africa,” Dr. Addison remarked, pointing out the bank’s contribution to the financial resilience of the region.

Established in the wake of the country’s independence, GHIB was envisioned as a bridge connecting the nation’s rich resources and skilled craftsmanship with the global market.

The governor explained that over the years, it has grown into a transnational banking institution with a presence spanning West and increasingly, East Africa.

Beyond facilitating payments, GHIB also acts as a lender to various governments across Africa. The bank is actively involved in trade finance, participating in both primary and secondary markets. For the past 25 years, it has played a critical role in Ghana’s cocoa exports by providing documentary collection services to the Cocoa Board.

This service requires significant resources and close monitoring to comply with anti-money laundering and anti-terrorism financing regulations.

“Indeed, it would not be an overstatement to say that GHIB is a systemically important financial institution in Ghana and Anglophone West Africa,” the Governor said.

The reception brought together dignitaries, stakeholders and members of the Ghanaian community to celebrate GHIB’s journey.

Dr. Addison commended GHIB’s ability to navigate global financial crises over the past five decades, including the UK’s balance of payments crisis, the OPEC embargo and the 2008 financial crisis.

The reception also shed light on GHIB’s commitment to social responsibility. The bank’s philanthropic arm, the Ghana International Foundation, has played a vital role in alleviating hardship in rural communities, schools and hospitals throughout Ghana.

“Overtime, Ghana International Bank has greatly evolved, engaging in corporate social responsibility, a commendable practice reflecting the bank’s desire to contribute positively to the Ghanaian community. The philanthropic activities of the Ghana International Foundation – a charitable trust established by the bank – have been helpful in alleviating hardship in rural communities, schools, hospitals and other deprived areas of Ghanaian society,” he noted.

On his part, the Chief Executive Officer of GHIB, Dean Adansi, expressed optimism about the bank’s future prospects.

He touted the bank’s commitment to supporting trade finance, its adaptability to the evolving financial landscape and its commitment to social responsibility, which he said positions it for continued success.

“The future is bright for GHIB as it remains a key player in driving Africa’s trade forward. We can expect the bank to achieve even greater success in the years to come,” he noted.