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Ghana: GCB Bank appoints new Board Chairman

The Ghana Commercial Bank PLC (GCB) has named Mr. Daniel Kwaku Tweneboah Asirifi as the incoming Board Chairman. Mr. Asirifi assumes this position following the conclusion of Mr. Jude Kofi Arthur’s tenure and subsequent regulatory approvals.

Mr. Asirifi holds both a Bachelor’s and a Master’s degree from the University of Ghana Business School, formerly known as the School of Administration. He furthered his education at the Ghana Law School, where he was admitted to the Bar approximately twenty years ago. During the establishment of the Ghana Stock Exchange, Mr. Asirifi pursued courses that equipped him with expertise in its operations, as well as a profound understanding of capital markets.

Since February 24, 2022, Mr. Asirifi has been an integral member of the GCB Board, contributing his extensive knowledge of the legal landscape within which the bank operates. His keen understanding of the complex corporate governance structures within the financial services sector has been invaluable to the board’s endeavors. Notably, Mr. Asirifi served as the Chairman of the Board’s Ethics, Governance, Compliance, and Nominations Committee. Additionally, he played key roles as a member of the Board Credit Committee, the Board Human Resource & Remuneration Committee, and the Board G-Money & Electronic Payments Committee. Throughout his tenure on these committees, Mr. Asirifi, alongside his esteemed colleagues, leveraged their wealth of experience for the betterment of GCB.

Commenting on his appointment, Mr. Asirifi said: “My appointment to the position of Board Chairman of GCB Bank PLC places greater responsibility on me, especially considering that the bank has reached the significant milestone of seventy years and is looking forward to a future of strengthened operations, performance and relationships. Under my watch GCB Bank will continue on the trajectory of success, with even greater momentum by working closely with my colleagues and management. We will continue to deliver on the strategic objectives in our four-year plan with keen focus on governance and sustainability”.

Mr. Asirifi’s appointment coincides with a significant milestone for GCB Bank as it commemorates its 70th anniversary as Ghana’s foremost indigenous bank. This celebration not only highlights the bank’s longstanding presence but also underscores its dedication to providing unparalleled financial solutions that contribute to Ghana’s socio-economic advancement. Mr. Asirifi’s leadership during this period is poised to further amplify GCB’s commitment to innovation and excellence in serving the nation’s financial needs.

GCB’s Managing Director, Mr. John Kofi Adomakoh, said: “On behalf of the management team, and indeed all GCB staff, I congratulate Mr. Asirifi on his appointment as Board Chairman. We look forward eagerly to working with him in his new role to deliver on our key objectives, which include providing a lifetime of value to our stakeholders, particularly our shareholders and customers as our brand promises. On this occasion, we take the opportunity to thank our immediate past Board Chairman, Mr. Jude Arthur, for his immense support, guidance and commitment. As Board Chairman, Mr. Arthur was instrumental in successfully steering the affairs of the bank’s Board to offer guidance to management through a period of strong headwinds; we, therefore, remain forever indebted to him”.

GCB Bank PLC stands as a key figure in Ghana’s banking sector, boasting a vast network comprising 185 branches, 340 ATMs, and numerous banking agents strategically positioned across the nation. As the foremost indigenous bank in Ghana, GCB has played a pivotal role since its inception in 1953. Widely recognized as a systemically important financial institution, GCB has made substantial contributions to Ghana’s development across various sectors, including but not limited to oil and gas, agriculture, and commerce. Its enduring presence and significant impact underscore its vital role in driving economic growth and prosperity within the country.

GCB Bank has undergone a remarkable transformation, emerging as one of Ghana’s most contemporary banks with advanced financial intermediation capabilities, particularly in digital payment platforms. This evolution has significantly enhanced the bank’s corporate reputation, both domestically and internationally. GCB’s engagement with its stakeholders is built upon a foundation of trust, support, and collaboration, fostering enduring relationships. Anchored by its brand promise, “Your Bank for Life,” GCB remains committed to delivering tailored financial solutions that meet the diverse needs of its customers throughout their lifetime.

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