GCB Divestiture: Gov't states position on Friday

Accra, Aug. 6, GNA - Government will on Friday August 15, state its final position on the divestiture of its 46.8 per cent shareholding in the Ghana Commercial Bank (GCB), Mr Yaw Osafo-Maafo, Minister of Finance and Economic Planning said in Accra on Wednesday.

The Minister said this when he received a Report by a technical committee set up to examine the various options of the intended sale. The Committee, with Dr Samuel Nii Noi Ashong, a Minister of State in Charge of Finance and Economic Planning as Chairman, sat for almost a month.

Mr Osafo-Maafo said he had no comments to make on the Report, as he was yet to study it. He, however, gave the assurance that government would take the best decision to safeguard the national interest. He said the government would carry out a restructuring of the bank utilizing Ghanaian expertise, both at home and abroad, and where necessary, the services of external consulting and management experts.

"This may involve the revamping of the policy-making process of the bank and the strengthening of its overall management strategies."

Dr Ashong said models and experiences in other African and European countries guided the Committee's work and recommendations.

The divestiture, which has attracted a lot of interest both within and outside the country, seeks to secure a first class bank with international linkages and ability to source adequate investment funds from a strategic investor.

The move is also to modernize the Bank, improve efficiency and service delivery as well as expand the quality of its loan portfolio. But different sections of the public, including the management and employees of GCB, the TUC and some opinion leaders have expressed dissatisfaction with government's position to turn the Bank into a private entity.

The public owns 53.2 per cent of the Bank's shares while the government holds the remaining 46.8 per cent. 06 Aug. 03