GGFC Welcomes CBL Deal


The Ghana Growth Fund Company Limited (GGFC) has welcomed the decision of the Central Bank of Liberia (CBL) to take over and serve the financial interest of Liberians in acquiring the First International Bank Liberia Limited (FIBANK).

CBL allowing GGCF to acquire the bank was based on series of financial performance indicators over the last four years, as evidenced by the bank’s published financial statements required quarterly by the CBL. These results moved the Central Bank to institute prudent financial measures as a regulatory arm to ensure depositors’ confidence in the bank’s activities, according to a financial expert who spoke to the Daily Observer.

Kwame Asomaning, Managing Director of GGCF, told journalists after the signing ceremony last week that his institution is poised to make immense contributions to the Liberian economy, thereby ensuring that the FIBANK becomes the leading banking institution in the country.

Mr. Asomaning said the GGFC will make provision for training its staff in order to meet the needs of customers and help transform the economy.

The GGFC managing director further assured FIBANK customers, the CBL and the government that GGFC will bring the best management, technology and close-to-client services to make it the bank of choice in the shortest possible time.
“We pledge to serve with discipline and enthusiasm,” he added.

He, however, assured employees of the company to remain focused, as the company has no intention to tamper with anyone’s job, but rather to foster growth and development as well as ensure that there are more employment opportunities.

Mr. Asomaning expressed gratitude to everyone who helped ensure that the transition was successful and the GGFC will demonstrate its commitment in meeting the financial needs of Liberian Small and Medium Enterprises (SMEs) with practical, local Liberian experience and knowledge.

As a shareholder of the Liberian Enterprise Development Finance Company (LEDFC), the GGFC MD said his financial institution has a proven track record. “We have successfully restructured LEDFC and made it stronger and better to finance the hopes and aspirations of Liberian small and medium scale enterprises,” he said.

He further disclosed that GGFC is the majority shareholder of the bank with the largest retail network in Ghana with over 190 offices and investments in financial companies around Africa, including Togo and Côte d’Ivoire.

With significant international relationships, GGFC is poised to apply global standards to serve with excellence.

The GGFC boss has meanwhile revealed that GGFC is a member of Groupe Nduom, a conglomerate with over 50 companies in Ghana, Liberia, Togo, Côte d’Ivoire, UK and the USA.

Groupe Nduom is into hospitality, banking, insurance, media, technology, real estate, pension and investment banking.


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