GCB Bank PLC is pursuing a regional expansion strategy, with plans to acquire one of Liberia’s largest banks as it seeks to reposition itself as a cross-border financial institution.
Board Chairman Joshua Alabi disclosed that the bank is in active negotiations to acquire the third-largest bank in Liberia, a move that could rank among the most significant outward investments by a Ghanaian bank in recent years.
The planned acquisition comes amid increasing competition in Ghana’s banking sector, driven by the growing presence of foreign institutions. This trend has prompted local banks, including GCB, to explore growth opportunities beyond the domestic market.
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Speaking on the sidelines of the bank’s 32nd Annual General Meeting, Prof. Alabi said the expansion strategy has been under consideration since late 2025.
“Now, you said it rightly, foreign banks are coming to Ghana. And what are we doing? I must say, we are also thinking the same… except that we’ve not announced it because it’s in the pipeline,” he said.
He revealed that a high-level delegation, led by himself and the Managing Director, has already engaged key stakeholders in Liberia as part of efforts to advance the process.
According to him, discussions have been held with senior officials, including the Governor of Liberia’s central bank, the Chairman of the country’s investment fiduciary council, and the President of Liberia.
“We met with the governor of their central bank… the chairman of their investment fiduciary council… and the president of Liberia to show an interest in moving into the Liberian market. As you see today, we are on the negotiating table, and I pray that that will yield results,” he added.
Beyond Liberia, GCB Bank is also considering further expansion into other West African markets, including The Gambia and Burkina Faso, as part of a broader plan to strengthen its regional presence.
“If people come into our country to compete with us, we equally have to chase them in their country… We can’t continue to be a local champion. We must move out,” Prof. Alabi stated.
Even though Mr Alabi failed to disclose the name of the bank, the top five banks in Liberia include: Ecobank Liberia, Liberia Bank for Development and Investment (LBDI), International Bank (Liberia) Limited (IBL), Guaranty Trust Bank Liberia, and United Bank for Africa (UBA).
The move underscores a strategic shift by GCB Bank from a predominantly domestic institution to a regional player, as banks increasingly prioritise scale, diversification, and cross-border operations to remain competitive.
CNR