GCB Bank delays dividends payment over regulatory restrictions
GCB Bank PLC has announced that it is unable to proceed with the payment of dividends approved at its Annual General Meeting (AGM) held on 2 May 2025, for the financial year ended 31 December 2024, citing regulatory restrictions.
In a statement issued by its Corporate Affairs Department, the bank explained that the decision follows guidance from the Bank of Ghana (BoG), which advised that the institution could not be granted the required regulatory “no objection” for dividend payment at this time.
According to the statement, the central bank’s position is linked to non-compliance with the single obligor limit, which arose following the conversion of restructured cocoa bills into bonds.
The development has temporarily affected GCB’s ability to meet regulatory conditions necessary for dividend distribution.
“Following continued engagements with the regulator, we have been advised that due to non-compliance with the single obligor limit arising from the conversion of restructured cocoa bills into bonds, regulatory ‘no objection’ for the dividend payment cannot be granted at this time,” the statement noted.
The bank assured shareholders that it is working closely with the BoG to address the matter and restore full compliance as soon as possible.
“The Bank is actively engaging with the regulator to resolve this matter as quickly as possible and to restore full compliance,” it stated.
GCB Bank expressed regret over the inconvenience caused by the delay and reaffirmed its commitment to sound governance and regulatory standards.
“GCB Bank PLC regrets any inconvenience this development may cause and assures shareholders and stakeholders of its unwavering commitment to regulatory compliance, financial soundness, and the protection of shareholder value,” the statement added.
GCB Bank, one of Ghana’s largest and oldest financial institutions, said it remains focused on maintaining stability, meeting regulatory expectations, and safeguarding the long-term interests of its shareholders.
