Banks are in for very tough times in the coming months, at least judging from the latest report by Bloomberg Intelligence which attributes the situation to government’s fiscal and monetary tightening policies.
A steady rise in non-performing loans has also posed challenges to the cost of banking operations. Banks have had to make various provisions to deal with the current challenges.
Acting Managing Director of GCB Bank, Samuel Sarpong shared with JOY BUSINESS what measures they are putting in place.
"It is obviously going to impact on the financial performance of banks, however, it is an issue in terms of the strategies the banks pursue," Mr. Sarpong said.
He said the GCB Bank given their network status are marketing their services and products countrywide as well as looking at other areas to improve the revenue of the bank.
"Despite the challenges environment, we are well positioned to deliver the same or better results next year," optimistic Mr. Sarpong projected.
Speaking on strategies to weather the financial storm, the MD said, "the key thing is control and making sure you analyze the environment and determine where the potentials lie.
He said GCB is carefully in terms of the assets they take on in terms of loans, adding that the monitoring of loans has been stepped up to ensure that the necessary controls are in place so there are no losses in that area.