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Ransford Sowah to leave GCB Bank on 30 September

Sowah is expected to stay on as the bank’s acting managing director until his successor takes over, and he will assist in the transition

Ransford Sowah is set to exit GCB Bank as its managing director, the Bank has announced to shareholders at its 26th annual general meeting.

However, the board of GCB Bank has agreed that he stays on in an acting position up to 30 September 2020. This is to enable him to complete all handing over protocols and assist the Bank in the transition process.

It is not clear yet who will succeed him.

In April 2017 Ransford Adzetey Sowah, a seasoned banker and lawyer, was appointed managing director of the bank.

He replaced Ernest Mawuli Agbesi, who resigned as managing director.

Digitisation

Under his leadership, GCB Bank introduced the novel mobile wallet service G-Money.

The service allows individuals and businesses to use their mobile phones or Personal Digital Assistants (PDA) to store money in the form of electronic money or value for transactions.

The bank was the first to receive approval from the Bank of Ghana (BoG) to create electronic value backed by equivalent cash to serve customers.

Sowah was a banker in the City of London for 30 years and worked extensively in the erstwhile Ghana Commercial Bank London branch, Ghana International Bank London and Bank of Montreal Capital Markets, London.

He is a commercially astute business banker and lawyer with a consistent record of success in optimising the market, revenue, profit and service performance of organisations operating in challenging environments.

He has held senior management positions in compliance, international trade finance, retail banking, business development and in the UK capital markets.

Sowah has many achievements to his credit including liaising with James Capel and Lonrho in the sale of shares in Ashanti Goldfields Corp, drafting foreign exchange retention agreements involving Ghanaian gold mining companies, advising Ghana Commercial Bank, Ghana (now GCB Bank) and Social Security Bank on the sale of their shares to the Ghanaian diaspora and interpreting various financial legislation and their effect in practice.

Cocoa syndication

He also played a lead role in the annual syndication of Ghana Cocoa Board´s receivables-backed loans, the development of new correspondent banking relationships throughout West Africa and structured finance for the purchase of oil for Ghana.

Mr Sowah attended Mfantsipim School, Cape Coast, and has a BA honours degree in English and philosophy from the University of Ghana, Legon.

He is a barrister at law and solicitor of the Supreme Court of Ghana as well as a member of the British Bankers Association, Business Council for Africa and the Association of Foreign Banks, all in London.

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