Home West Africa Ghana: GCB Bank invests US $66m in Ghana’s agricultural sector

Ghana: GCB Bank invests US $66m in Ghana’s agricultural sector

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GCB Bank has invested approximately US $66m in Ghana’s agricultural sector. Of the total amount, US $65m was channelled into the cocoa industry in what the local media have revealed to be overdrafts, term loans and seed fund guarantees for the funding of cocoa purchases to licensed buying companies.

The remaining funds were utilised in funding the purchase of over 40 vehicles, tractors and other farming machinery like heavy-duty trucks. These will be used for the transportation of cocoa from the surrounding areas to the various ports.

The Managing Director of GCB, Mr Anselm Ray Sowah, when making the announcement, gave the assurance that in this coming year the bank will work towards extending its support to fish farming and poultry.

Speaking at GCB’s encounter with its corporate clients in the cocoa and agriculture sectors in Accra, the MD further revealed that the bank has partnered with some vehicle dealerships with over US $2m to set up a franchise for reputable vehicle brand. Mr. Sowah also added that in line with the agreement, they have developed flexible credit facilities to enable individuals to purchase brand new vehicles.

The bank has also integrated its systems to make transactions more fluid and convenient. This, in turn, has made significant gains in the insurance and financial services industry by integrating its systems to make transactions more fluid and convenient. The Acting Head of Corporate Banking Department of the bank, Nana Antwi Boasiako, said that this year the bank will be looking to offer superior products and excellent services, adding that GCB offers stability and liquidity for corporate businesses.

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