GBC and CBG overwhelms Media at SIGA
The Ghana Broadcasting Corporation (GBC) and the Consolidated Bank of Ghana (CBG) last week impressed journalists from various media houses when they took their turn at the SIGA Media Engagement Series.
As part of activities to update the media and to tell the success stories of Specified Entities, the State Interests and Governance Authority has instituted a Media Engagement Series, dubbed “Pitching the success stories of Specified Entities”. It is at the second edition of the series in which CBG and GBC took turns to make presentations.
In the first presentation the CEO of the Consolidated Bank Ghana, Mr. Daniel Addo took the media through how the bank was started and the need for the Bank to gain the trust of customers and Ghanaians.
“We started with a debt of GHC 7.9 billion and a working capital of GHC 450 million” the CEO said. The bank also faced the following challenges, weak governance and risk management, customer dissatisfaction obviously due to the liquidity challenges of the banks we inherited, a weak brand as a result of the issues that arose leading to the formation of the bank.
The other challenges were distribution of branches, operational processes, Technology difference and liquidity gabs.
We are proud to say that almost all the above challenges have been resolved. With the liquidity challenges we had to monetize the Government Bonds for liquid cash so that customers and others could have access to their funds in other to buy their confidence.
In our first year of operation, we have saved GHC 7.9 billion in depositors funds, 2,300 jobs and declared profit of GHC 108 million after tax.
We are currently focused on our three-pillar agenda of supporting government projects and initiatives, becoming the preferred bank for SME’s and leading in digital financial services.
We are spending a lot of money in the area of health, education, decent work and economic growth as part of our corporate social responsibility.
The Director-General of GBC, Prof. Amin Alhassan gave a very detailed account of the work GBC is currently doing which impressed everyone. Speaking on four thematic areas, Prof. Amin painted a picture of GBC that is increasing revenue, investing in core operations, infrastructure and being transformed from a bureaucracy into a business.
“For the first time in over twenty years GBC declared surplus, we exceeded revenue targets by 75% in first quarter and increased firster revenue by 30% in the 2nd quarter, he said”.
2020 Election Coverage
GBC bought cars and funded the 2020 election coverage with internally generated funds. We have bought a platform contrary to renting as was done in the past to enable us have, keep and analyse election results.
We are also resetting our studios and fitting them with electronic screens, we are painting our buildings, some of whom have not been painted in decades and extending internet connectivity across all our buildings
We are introducing robotic technology in our studios which allows one person to control multiple cameras as well as introducing other cost cutting technology in other to cost effectively cover programmes.
Today we are using TVU and GIMBAL technology that enables live transmissions from remote areas across several platforms including mobile phones without the use of satellites.
Our challenges however, remains financial as the TV licence fee payment has proven unreliable, inadequate infrastructure, ageing staff and the burden of public service broadcasting.
Q and A Session
After the first presentation journalists had only few questions for the CEO of CBG and commended him and his team for quickly turning round the fortunes of the consolidated banks to restore confidence in customers.
The Director-General of GBC had a total of 6 questions, regarding how they were managing their electricity bills, dealing with aging staff and how they funded the coverage of the 2020 elections using IGF and total payments for transmission of the 2020 election petition.
The programme was chaired by Hon. Asamoah-Boateng, Director-General of SIGA. In attendance were the General Manager in-charge of Finance and Administration, Mr. Andrews Frimpong, Divisional Heads of SIGA and some staff of CBG and GBC.