Hon. Thomas Nyarko-Ampem, Deputy Minister of Finance, has reaffirmed the government’s commitment to strengthening State-Owned Banks by directing SOEs and covered entities to transact more with state banks, particularly GCB Bank PLC. He emphasized that the move was not to edge out private banks but to empower national banks to better finance Micro, Small and Medium Enterprises (MSMEs), which employ nearly 80% of Ghana‘s workforce and contribute about 60% of GDP.
Speaking at the Sixth Quadrennial Delegates Conference of the Professional and Managerial Staff Union (PMSU) of GCB Bank in Ho, Mr. Nyarko-Ampem highlighted ongoing government interventions such as macroeconomic stabilization, tax reforms, the Big Push Initiative worth US$10 billion, entrepreneurship support programs exceeding GH¢974 million, and the upcoming Women’s Development Bank to boost women-led enterprises.
He commended GCB Bank’s strong financial performance (GH¢2.79 billion interest income and GH¢2.7 billion operating income in half-year results), urging the bank to expand affordable credit to SMEs, adopt AI and digital solutions, and invest in staff capacity. Meanwhile, Prof. Joshua Alabi, Board Chairman of GCB Bank, revealed expansion plans into Liberia, Sierra Leone, The Gambia, Burkina Faso, Niger, and Mali, stressing government backing for regional growth.
The Trades Union Congress (TUC) Deputy Secretary-General, Dr. Kwabena Nyarko Otoo, called on the bank to provide long-term patient capital instead of short-term loans, while also advocating for protective trade policies. The Deputy Minister praised PMSU for prioritizing national development, underscoring the need for collaboration between government, unions, banks, and businesses to strengthen the MSME sector and accelerate Ghana’s economic transformation.
