Profitable State Enterprise GCB pays GHC 18.7m dividend to gov't

In 2011, 2012, 2013 and 2014, the bank paid dividends of GHC3.65 million, GHC7.29 million, GHC13.97 million and GHC18.1 million respectively.

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Receiving the cheque on behalf of the government, a deputy Minister of Finance, Cassiel Ato Forson, commended the bank for its performance over the years. play

Receiving the cheque on behalf of the government, a deputy Minister of Finance, Cassiel Ato Forson, commended the bank for its performance over the years.

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GCB Bank Limited has presented an amount of GHC18.7 million to the Government of Ghana as dividend for the year 2015.

In 2011, 2012, 2013 and 2014, the bank paid dividends of GHC3.65 million, GHC7.29 million, GHC13.97 million and GHC18.1 million respectively.

Receiving the cheque on behalf of the government, a deputy Minister of Finance, Cassiel Ato Forson, commended the bank for its performance over the years.

He also urged the bank to consider expanding its operations to other Africa countries.

"Take advantage of your size and look beyond Ghana. GCB can do better. You have set the benchmark for state enterprises and other banks," said Mr Forson.

Mr Socrates Afram, the Chief Finance Officer, on behalf of the management of the bank said plans are far advanced to open branches in the sub-region.

"We're also thinking of opening the branches in other countries in the sub-region in the not-too-distant future," Mr Afram said.

He added that the bank is working hard to improve the fortunes of the bank.

As part of a major restructuring move, the bank last week dismissed 270 workers.

Sources at the company say the number is expected to rise in the coming months.

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