GAB supports and promotes policies and initiatives that balance the interests of member banks; customer population; and wider stakeholder targets. The Association acts as the connecting rod between its members and the industry regulator; the media, law and policy makers; civil society organisations; and other business organisations or associations and the wider community. Further, GAB promotes good and continuous business relationships among members; proposes and highlights programmes, initiatives and emerging best practices to member institutions; facilitates better understanding of developments in the country; and beyond our borders.
Working with similar global bodies, GAB’s work is underpinned by three core priorities:
We conduct research, analyse, and disseminate information on issues affecting the banking industry’s performance and growth prospects. As the mouthpiece for our members, we deploy creative channels in communicating with our stakeholders; and act as thought-leaders in our market and beyond. We invest in and support initiatives aimed at reducing risk factors affecting the industry; and influence policy discussions that create an enabling business environment for our members and customers alike. We undertake self-introspection by conducting market surveillance to assess and evaluate the conduct of our members in the market in connection with compliance with banking laws, directives from the regulator, data protection; and treating customers fairly, amongst others.
Given the difference that knowledgeable and talented workforce can bring to bear on market performance, we assess people’s development as critical to the attainment of industry objectives. As a result, we encourage our member institutions to ensure their employees have access to continuous professional development. This is achieved by providing business-specific educational opportunities to member banks.
We carry out our activities by liaising with key stakeholders such as the Bank of Ghana (BoG), Ghana Revenue Authority (GRA), Ghana Interbank Payment and Settlement Systems GhIPSS), Association of Ghana Industries (AGI), Ghana Employers’ Associations (GEA), Private Enterprise Federation (PEF); and a host of other business associations, community leaders and Civil Society Organisations (CSOs).
GAB aspires to become the leading advocacy and network group utilising our unparalleled combination of quality, reach, high standards, openness, collaborative and innovative culture to create a forward-moving platform for our member institutions; and other stakeholders. As a national association of universal banks, GAB would progressively work towards being the most influential financial institution body in Africa and beyond.
GAB’s mission is to support the banking industry in developing best practices and standards; by advocating regulatory, financial, and economic policies and reforms that are in the broad interest of its members; and foster stability in the financial services industry, thereby ultimately engendering national economic growth and prosperity. We aim to be the sole voice of banks in Ghana; deploying unified voice for universal banks in the country in the areas of legislation, economic and fiscal discussions, market conduct, financial stability, media interaction, and community development initiatives
As a representative body of an industry that builds on trust, our core values hold supreme and true to our ‘Trust’ foundation. As a consequence, our corporate values are a balancing act of Fairness, Responsiveness, Integrity, Sustainability and Confidentiality (FRISC)
The Ghana Association of Banks remains the national organisation of banks in the country. It was formed on May 29, 1980. Contemporary activities and operations of GAB are governed by the Revised Articles of Association adopted during 2022 financial year. The Association seeks inter alia to promote, strengthen, and improve on relations among Ghanaian universal banks; ensure effective representation of member banks on national discourse related to fiscal, monetary and other economic issues; with significant impact on effective performance of the financial system. Further, GAB seeks to advance the cause of member banks through effective contribution of the banking industry to accelerated development of agriculture, industry, commerce and services; while engaging and dialoguing with regulatory authorities, government and other key stakeholders in the private sector towards shaping policy; and regulations related to financial intermediation, among other pertinent considerations.
Membership of the Association is open to all licensed universal banks operating in accordance with the Banks and Specialised Deposit-Taking Institutions Act of 2016, Act 930; or any other legislation that remains in force and regulates the activities of Ghanaian banks and the Development Bank of Ghana (DBG). DBG was established under the Development Finance Institutions Act of 2020, Act 1032, to provide funding, guarantees, and other credit-enhancing structures to essential sectors of the economy; in a manner that is deemed financially sustainable.
The Governor of the Bank of Ghana remains an Honorary Member of the Association; and may attend the Association’s meetings in person. Alternatively, the Governor may be represented by a nominated Deputy Governor of the Bank of Ghana. Respective Managing Directors (MDs) of member banks are expected to attend all meetings of the Association. In their absence, Senior Executives not below the grade of a Director shall attend. A Senior Executive so-appointed should have been appointed by the implied Managing Director in a prior period or periods. Pursuant to its fundamental objectives, the Association strives to champion the exchange of ideas and experiences in the fields of banking and financial intermediation through the organisation of periodic meetings, seminars, conferences, and short courses. Further, the Association sponsors research on pertinent issues with impact on the banking and financial sector; and other issues bordering on the economy in general. Outcomes of the research are published or disseminated as the Governing Council may deem appropriate.
The Association has three major organs. These include the Governing Council, General Assembly and Administrative Office. The Governing or Executive Council remains the supervisory arm of the Association. Its membership comprises Managing Directors of the five largest banks, referred to as Tier I banks; two Managing Directors who are representatives of the next five large banks (known as Tier II banks); two Managing Directors, representing all other banks (called Tier III banks); and the Chief Executive Officer of the Association.
The Governing Council may co-opt one additional Managing Director to the Council. This may become necessary if the Council seeks specific interest or skill that is not available in its constitution or composition by tiers. The highest decision-making body of the Association is the General Assembly or Council. It comprises a representative each of all member banks of the Association. Specific functions of the General Council include, but not limited to granting of honorary membership; amendment of the Articles of Association; election of persons to various offices of the Association; readmission of a suspended Member after successful appeal; review of Membership fees and other financial contributions; exclusion of a Member; and dissolution of the Association.