By:Kenneth Appiah Bani.
As part of its commitment to supporting traders affected by the recent fire outbreak at Kantamanto Market, GCB Bank PLC has unveiled a special loan package designed to provide financial relief and help rebuild livelihoods.
The devastating fire, which occurred on 2 January, razed over 100 shops and affected more than 30,000 traders, causing significant financial and emotional distress. In response, GCB Bank has devoted GH₵3 million to a subsidized loan project aimed at its micro and small enterprise customers who suffered losses.
The loan package, officially rolled out on Thursday, January 30, was tailored with a nine-month repayment period and a three-month moratorium to provide traders with breathing room to stabilize their businesses. This means beneficiaries will only begin repayments in April 2025, allowing them time to rebuild without immediate financial pressure.
Speaking to the media during the launch, Sina Kamagate, Executive Head of Retail Banking at GCB Bank, emphasized the institution’s unwavering support for its customers:
“Our thoughts and deepest sympathies are with all those affected by this tragic incident. As a bank that stands firmly with our community in times of need, we are offering this tailored loan package to provide immediate financial support. We understand the immense challenges you are facing, and it is our hope that this initiative will help you rebuild your lives, restore your businesses, and regain stability. Together, with resilience and determination, we can overcome this adversity and move toward a stronger and brighter future.”
Kamagate, who represented the Managing Director, Farihan Alhassan, shared GCB Bank’s confidence in the affected traders’ ability to use the financial support effectively to rebuild stronger businesses.
The initiative followed a promise made by GCB Bank officials when they visited the market the morning after the fire to assess the damage and engage with victims. During that visit, the bank committed to supporting its customers who subscribed to its Value Added Packages (VAP).
To access the loans, affected traders were required to complete a streamlined documentation process, after which funds were disbursed to help them resume operations. The bank also organized a meeting with some of the affected customers to explain the loan terms and provide guidance on rebuilding their enterprises.
The affected traders have expressed gratitude for GCB Bank’s timely intervention. One trader, who lost her shop and goods in the fire, said:
“This loan package is a lifeline for us. It gives us hope that we can rebuild and get back on our feet. We appreciate the bank’s efforts in standing with us during this challenging time.”
GCB Bank’s proactive response highlights its dedication to supporting Ghana’s economy, particularly its small and medium-sized enterprises (SMEs), which form the backbone of the country’s commerce.
A Legacy of Support.
Since its establishment in 1953, GCB Bank has remained a pillar in Ghana’s banking industry, with a vast network of 184 branches, 340 ATMs, and numerous banking agents nationwide. The bank has transformed itself into a modern financial institution, leveraging digital payment platforms to provide innovative solutions for its customers.
GCB Bank’s initiatives, such as this special loan package, demonstrate the true meaning of its brand promise: “Your Bank for Life.” By standing with the Kantamanto fire victims, GCB Bank continues to build on its legacy of trust, support, and collaboration with its stakeholders.
