Retired Bankers On GCB's Problems

The Retired Association of Ghana Commercial Bank (RESAG) has said the problems with the bank is not lack of expertise but undue political interference in its day to day activities.

This was contained in a press release in reaction to statements made by the Deputy Minister of Finance and Economic Planning, Dr. Osei Akoto that the GCB is being divested to infuse efficiency into the Management to enable the Bank maximise profit.

Dr. Osei Akoto, the statement said, cited a recent fraud case, which is still being investigated at the bank to support his claim. It said that while they frown on fraud, it is not peculiar to GCB. It said the management should be hailed rather for putting in place control systems to detect such fraud.

The statement said with an initial seed capital of ?200,000 the bank's management had been able to turn the bank round into a giant entity, not only in Ghana but also in Africa as a whole. The statement said this had come about inspite of stiff competition from two international banks - Standard Chartered and Barclays.

"It is, therefore, sad and humiliating to deride the achievements of these managers who have to be acknowledged and commended," it said.