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PROFILE OF GCB BANK LTDGCB Bank Limited (GCB) is Ghana’s first indigenous and the largest bank with over 180 branches and 300 ATMsnationwide. With over 67 years banking experience and rated as Ghana’s safest bank, GCB has undergone varioustransformations with the view of being the dominant player in Ghana’s banking industry. The Bank seeks to consistentlyprovide world class services and superior value to customers, shareholders and other stakeholders.HISTORY AND KEY MILESTONESGCB was established in May 1953 as the Bank of the Gold Coast to provide banking services to indigenous businessesto help drive the country’s socio-economic development. In 1957, when Ghana attained independence, the Bank ofGhana was established as the Central Bank. The Bank of the Gold Coast was then renamed Ghana Commercial BankLimited to focus specifically on commercial banking activities.In 1996, it listed on the Ghana Stock Exchange and in 2014, the Bank rebranded from Ghana Commercial BankLimited to GCB Bank Limited to refresh its image and project a renewed dynamism.In 2017, GCB purchased and assumed some specific assets and liabilities of two indigenous banks in a single day, aspart of its strategy of total market dominance.The bigger and better GCB is currently focused on revenue growth and profitability, operational excellence and talentdevelopment to deliver world class services and superior value to stakeholders.GCB Bank Limitedwww.gcbbank.com.ghVISIONVTo be the leading Bankin all our markets.MISSIONMTo provide first class bankingsolutions for all our customersand value for all ourstakeholders.

CONTENTS05Notice of Annual General Meeting06Corporate Information07Board of Directors14Executive Committee (EXCO)19Five Year Financial Summary21Financial Highlights22Chairman’s Statement26Managing Director’s Review30Report of the Directors37Corporate Governance Statement46Independent Auditor’s Report52Statements of Profit or Loss and Other Comprehensive Income54Statements of Financial Position55Statements of Changes in Equity59Statements of Cash Flows61Notes to the Financial Statements142Value Added Statement143Shareholders’ Information145Agents/Correspondent Banks147List of Branches163Invitation and Form of Proxy

Service PropositionGCB prides itself as Ghana’s most welcoming bank,offering accessible financial support wherever it is neededthrough helpful service and expert solutions, to encouragebusiness and enrich people’s lives.The Bank’s service proposition is structured to serve everyfacet of the customer’s life-cycle and all types ofbusinesses operating in diverse sectors of the economyirrespective of size. The Bank has also developed uniquesolutions to serve the needs of Ghanaian residents abroad.GCB’s service proposition is anchored by a strong assetbase, competitive pricing, an unmatched branch network,extensive ATM network, strong investment in technologyand infrastructure, robust risk management systems,strong governance structures and a fundamentalunderstanding of customer needs driven by a mix ofexperience, strong customer relationship managementand an unrelenting pursuit for excellence.Corporate SocialResponsibility (CSR)GCB is noted for its strong CSR initiatives in the areas ofEducation, Health, Culture, Tourism, Environment and Sports.In 2020, GCB Bank invested GHS8.04million in CSR activitiescompared to GHS10.43million in 2019.The Bank is at the forefront of the Covid-19 fight and it wasthe first Bank to make a donation of GHS100,000.00 to theCOVID-19 National Response Team through the Ministry ofHealth. Other initiatives include a donation of 100 veronicabuckets and their accessories to the Ministry of Sanitationand Water Resources, and a donation of 40 jumbo waterstorage tanks to Ministry of Local Government and RuralDevelopment for distribution to markets in Accra, Tema andother parts of the country.The Bank also donated 550 gallons of hand sanitizers, 50Veronica buckets, 50 receptacles, 100 gallons of liquid soapand 300 rolls of tissue for distribution to regional offices andcourts under the judiciary, the provision of nutritious meals,water and drink on daily basis for 650 medical doctors andother frontline health workers for almost two months,amongst others.Over the past year, some of the the Bank’s other notableinitiatives include the renovation of the Usher Fort Clinic andconstruction of an Operating Theatre for the Clinic,sponsorship of the National Science and Maths Quiz, Ghana’sFastest Human, Millennium Marathon, The Pan AfricanHistorical Theatre Festival (PANAFEST) and financial supportto Akwapim Educational Trust Fund, Tweneboa KoduaSecondary School, Ammissakrom - Ekroful Basic School,Bomaa Roman Catholic JHS, Acherensua Senior High Schoolamongst others.Technology & InnovationGCB believes that technology is a key driver for improvingefficiency, business performance, customer engagement,profitability and growth in today’s ever-changing andchallenging banking environment. Therefore, the Bank isrelentlessly pursing innovative ways of leveraging ontechnologies to deliver end-to-end digital bankingsolutions to enhance its service offerings and delivereven superior value.In 2020, GCB Bank became the first Bank to launch adigital mobile money wallet when it launched theG-Money product in January. The digital wallet which istelco agnostic and fully interoperable allows customersto send and receive funds from any mobile money walletor bank accounts by registered users and also performunique functions including saving and borrowing funds,group savings among others. It is also accessible acrossmultiple channels such as Unstructured SupplementaryService Data (USSD), GCB Bank’s internet bankingplatform, Mobile banking application, Point of SaleDevice (POS), Quick Respond Code (QR Code) andAutomated Teller Machines (ATMs).Shareholding StructureAs at 31st December 2020, Social Security and NationalInsurance Trust (SSNIT) had 29.89% shares in the Bank,while the Government of Ghana had 21.36% and variousinstitutions and individuals held 48.75% of the shares.Ratings & Awards WonGCB is rated Ghana’s safest Bank by Moody’s, Standard &Poor’s and Fitch and the most compliant Bank in Africaby the Association for Certified Compliance Professionalsin Africa (ACCPA).The Bank has won numerous awards in the industry.Notable among them are: The Best Bank in Ghana in Anti-Money Laundering(AML) Compliance and Africa’s Best Bank in Compliance(2019) Most Compliant Bank 2017/2018 - The Association ofCertified Compliance Professionals Africa (ACCPA) Safest Bank in Ghana - Moody’s, Standard & Poor’s andFitch 2017 Best Money Transfer Bank in Ghana - RIA 2017 Most Active E-zwich Bank – 2017.

BoardofofAnnualDirectorsNoticeGeneral MeetingNOTICE IS HEREBY GIVEN that the Annual General Meeting of GCBBank Limited will be held virtually and streamed live online via https://gcbbankagm.com, the Bank’s social media handles (Facebook, Instagram,YouTube and Twitter) and GTV on Friday, 28th May, 2021 at 10:00 a.m. totransact the following business:Agenda1. Ordinary Business/Resolutionsa. To consider and adopt the Financial Statements of the Company forthe year ended December 31, 2020 together with the Reports ofthe Directors and Auditors thereon.b. To declare a Dividend for the year ended December 31, 2020.c. To re-elect the following Directors retiring by rotation:12 Mr. Anselm Ransford A. SowahMr.JudeJudeKofiArthur Mr.KofiArthurManaging DirectorChairman Mrs. Lydia Essah Mr. Nik Amarteifiod. To re-elect the following Directors: Mr. Francis Arthur-Collins Mr. Osmani Ayuba Mr. Emmanuel Ray Ankrahe. To ratify the appointment of two (2) Executive Directors Managing Director – Mr. John Kofi Adomakoh Deputy Managing Director, Operations – Mr. Emmanuel Odartey Lampteyf. To approve the remuneration of Directorsg. To authorize the Directors to fix the remuneration of Auditors3Mr. Socrates AframDMD Finance45 Mrs. Lydia Gyamera Essah62. SpecialBusiness/ResolutionsMr. Nik AmarteifioMr.Samuel ora. To DMDchangethe name GCB Bank Limited to GCB BankPLC in accordancewith the provisions of section21(1)(b) ofDirectortheCompanies Act 2019 (Act 992)b. To amend the Bank’s Constitution in accordance with the provisions of the Companies Act 2019 (Act 992).DATED THIS 25TH DAY OF MARCH, 2021BY ORDER OF THE BOARD(SGD.)Amma Agyeman Kusi-AppouhCompany SecretaryNotes1. In compliance with Imposition of Restriction Act 2020 (Act 1012), the Registrar General’s Department and Securities andExchange Commission directives and guidance on holding virtual AGMs, and as part of measures to contain COVID-19,attendance and participation by members or their proxies in this year’s annual general meeting of the Bank, shall be strictly97virtualQueen8 Mr. Emmanuel Ray AnkrahMotherOf DenkyiraMr. Osmani Aludiba Ayub(by utiveDirectorExecutiveDirector2. A member entitled to attend and vote or may appoint a proxy to attend (via online participation) and vote onNonhis orher behalfeither online or by post. Such a proxy need not be a member of the company. For a proxy to be valid for the purposes of themeeting, it must be completed and submitted via shareregistry@gcb.com.gh or deposited at the Share Registry, GCB BankLimited, Head Office, High Street, Accra, not less than 48 hours before the meeting.3. A copy of the Proxy Form can be downloaded from: https://gcbbankagm.com and may be filled and sent via email to:shareregistry@gcb.com.gh.4. The appointment of a proxy will not prevent a member from subsequently attending and voting at the meeting (via onlineparticipation). Where a member attends the meeting in person (participates online), the proxy appointment shall be deemedto be revoked.10Mr. Francis Arthur-Collins11GCB Bank Limited Annual Report 202012Alhaji Alhassan Adam Yakubu5Mr. Edward Prince Amoat

Board ofInformationDirectorsCorporateDIRECTORS1AframMr. Jude Kofi ArthurChairmanSECRETARY4teifioectorMr. Jude Kofi Arthur(Board Chairman)Mr. John Kofi Adomakoh(Managing Director appointed 12/11/20)Mr. Socrates Afram(DMD Finance)Mr. Emmanuel Odartey Lamptey(DMD-Operations appointed 20/01/21)Mr. Nik Amarteifio(Non-Executive Director)Mrs. Lydia Gyamera Essah(Non-Executive Director)Nana Ama Ayensua Saara III(Non-Executive Director)Mr. Emmanuel Ray Ankrah(Non-Executive Director)32 Mr.Mr. Osmani AludibaAyubaDirector)Mr. Socrates AframAnselm Ransford(Non-ExecutiveA. SowahManaging DirectorMr. Francis Arthur Collins(Non-Executive Director) DMD FinanceAlhaji Ahassan Yakubu(Non-Executive Director)Mr. Prince Edward Amoatia Younge(Non-Executive Director)Mr. Ransford Anselm Sowah(Managing Director resigned 30/09/20)Mr. Samuel Amankwah(DMD-Operations resigned 1/05/20)Ms. Amma Agyeman Kusi-AppouhGCB Building,Thorpe Road, High StreetP. O. Box 134,5 Mrs. Lydia Gyamera EssahMr. Samuel Amankwah AccraDMD OperationsAUDITOR6Mr. Nik AmarteifioNon-Executive DirectorNon-Executive DirectorDeloitte & ToucheChartered AccountantsThe Deloitte Place, Plot No. 71Off George Walker Bush HighwayNorth DzorwuluP.O.Box GP 453Accra,REGISTRARludiba Ayuba 7Share RegistryGCB Bank Limited,Head Office, High8 Street,Mr. Emmanuel Ray AnkrahQueen Mother Of DenkyiraAccraNon-Executive DirectorNon-Executive DirectorirectorREGISTERED OFFICE69Mr. Osmani Aludiba AyubaNon- Executive DirectorGCB Building,Thorpe Road, High StreetP. O. Box 134,AccraGCB Bank Limited Annual Report 2020rince Amoatia10YoungeMr. Francis Arthur-Collins11Alhaji Alhassan Adam Yakubu12Mr. Edward Prince Amoatia Y