Ghana’s first indigenous bank, Ghana Commercial Bank, has further reduced its interest rates on personal loans to 23 per cent per annum in line with measures to mitigate the impact of Covid-19 on clients.
As part of the measures, the Bank has also granted a two-month moratorium on both principal and interest repayment and increased loan tenor to five (5) years.
The Bank has also reduced total up-front fees and introduced a waiver on early settlement fees for top-ups.
This follows a similar move last year when the Bank reduced its interest rate from 26 interest to 24 per cent per annum.
Over the past year, the Bank has undertaken various initiatives to alleviate the impact of covid-19 on customers.
Commenting at the Bank’s 27th AGM held virtually on Friday, 28 May 2021, Board Chairman Jude Arthur stated that the Bank engaged customers of the Bank, identified those in the hardest-hit sectors of the economy and supported them with concessionary rates and a moratorium on principal and interest on loan facilities.
As a result, the Bank restructured loans totalling GHS 799.92 million to 130 corporate and SME customers. The bank also invested in Personal Protective Equipment (PPE) and broader Covid-19 protocols to ensure the health and safety of clients and employees.
Commenting on the initiative, the Managing Director of GCB Bank, Kofi Adomakoh stated that the Bank is conscious of the difficult economic climate and is focused on going the extra mile to help clients to navigate this difficult period seamlessly by providing direct intervention under very flexible conditions.
“As Ghana’s largest indigenous bank, we have the mandate to seek the interest and well-being of Ghanaians and to be at the forefront of Ghana’s socio-economic drive,” he added.