GCB Bank withholds dividend payments.

The bank clarified in a statement released on October 20, 2025, that it had not obtained the necessary “no objection” approval from the Bank of Ghana (BoG), which is a requirement for carrying out the dividend payment that shareholders had approved in May.

The statement claims that the delay results from a violation of the central bank’s single obligor limit after restructured cocoa bills were converted into long-term bonds. For regulatory purposes, cocoa bills were previously categorized similarly to treasury bills; however, their reclassification as bonds has changed how they are treated under financial regulations, forcing the bank into temporary non-compliance.

According to GCB, “The Bank is actively engaging with the regulator to resolve this matter as quickly as possible and to restore full compliance.” “We apologize for any inconvenience this may have caused and reaffirm our unwavering commitment to regulatory compliance, sound governance, and shareholder value protection.”

What would have been a sizable payout to investors is stopped by the announcement. The bank’s board had suggested paying out GH¢1 per share, or GH¢265 million, as a dividend. This was the first since the bank’s capital buffers were eroded during a two-year freeze brought on by the domestic debt exchange program.

Despite GCB Bank’s outstanding 2024 performance, the decision was made. The bank announced a pre-tax profit of GH¢1.9 billion at its 31st Annual General Meeting in May, which was a 23.3 percent increase from the previous year. Customer deposits increased to GH¢34.5 billion, while total assets increased to GH¢42.8 billion.

With a Capital Adequacy Ratio of 15.23 percent, well above the regulatory minimum of 13 percent, the bank also demonstrated a strong capital position.

GCB promised shareholders that the board would review the dividend decision after consulting with the Bank of Ghana and resolving the compliance issue.