GTBank doubles down on sustainable CSR, recognising economic impact

Guaranty Trust Bank (Ghana) Limited (GTBank) has pledged to build upon the success of its existing Corporate Social Responsibility (CSR) initiatives by implementing more sustainable programmes in the communities it serves. This commitment was announced by Dr. Calleb Osei, the bank’s Chief Finance Officer (CFO), during the annual media engagement session held on February 28, 2024.

Dr. Osei highlighted the bank’s understanding of the ‘economic multiplier effect’ of CSR initiatives. He explained that by investing in sustainable programmes, GTBank is not only fulfilling its social responsibility but also fostering long-term economic growth in the communities it operates within.

“We fully understand that these programmes not only benefit the immediate recipients but also have a ripple effect, stimulating economic activity and fostering long-term development within the communities, that is why we are determined to build upon all that we have achieved so far and deepen our commitments,” Dr. Osei said.

His comments come as a growing body of studies have shown that corporate social responsibility (CSR) initiatives can have a positive impact on both society and the economy. A 2013 study by the World Business Council for Sustainable Development (WBCSD) found that for every dollar invested in CSR activities, companies see an average of $3.40 in social and environmental benefits.

Additionally, a 2015 study by the University of Massachusetts Amherst found a positive correlation between CSR spending and a company’s long-term profitability. This suggests that CSR initiatives can contribute to a company’s financial performance, which can benefit the local economy through increased tax revenue and job creation.

Furthermore, a 2017 study by the International Labour Organization (ILO) found that CSR initiatives focused on skills development and employability can lead to increased wages and job security for workers. This can directly impact the economic well-being of individuals and families, contributing to increased consumer spending and economic growth.

A legacy of social impact

GTBank has a long history of undertaking impactful CSR initiatives across various sectors in Ghana. Agnes Owusu-Afram, the bank’s Divisional Head of Corporate Communication and Experience, explained that the Bank has demonstrably prioritized education by refurbishing and equipping eight public basic schools with technology, including computers, printers, projectors, and internet access.

This initiative extended to supporting the University of Ghana’s Hackathon project in computer science, fostering innovation within the country’s educational landscape.

“There was the refurbishment and stocking of computers, printers, projectors, and internet accesses done for eight public basic schools across the country.  These included but were not limited to the recent one done for Wa Municipal Model JHS, in the Upper West Region, Nchaban Catholic Basic School in the Western Region,” she elaborated.

Recognizing the importance of healthcare, GTBank organized a week-long autism workshop and consultation session for individuals living with autism, their families, and caregivers. The bank even brought in specialists from the United States, Canada, and Nigeria to ensure the programme’s effectiveness.

Additionally, GTBank donated life-saving medical equipment to various hospitals and provided crucial support during the Mepe floods, offering food and toiletries to displaced families. Their contributions extended further by covering the university fees of some members at the Village of Hope Orphanage.

“The bank’s biggest owned initiative in health is the Autism Workshop and Consultation We carried out a weeklong free workshop and consultation session for persons living with Autism, their families and caregivers where we had over 200 families coming in to see our consultants whom we flew in from the United States, Canada and Nigeria for this huge CSR project,” she explained.

There was the donation of life-saving medical equipment to the Paediatric Oncology and NICU departments of the Greater Accra Regional Hospital and the Emergency Unit of the 37 Military Hospital. We were also very present to support our brothers and sisters in Mepe during the devastating flooding incident which displaced so many families. We donated food relief items and toiletries to support them. We also reached out to the Village of Hope Orphanage in Gomoah where we paid the school fees of some members who had gained admission into various universities,” she added.

GTBank has also actively supported the development of sports in the country by sponsoring the Ghana Education Service Soccer Championship Super Zonal Tournament for five years. They further extended their support by sponsoring national cross-country marathons in different regions, fostering a culture of health and well-being.

Acknowledging the importance of the creative arts industry, GTBank hosted free music concerts featuring prominent domestic and foreign artists. These events not only provided entertainment to the public but also served as a platform to appreciate the bank’s customers for their loyalty.

Building a sustainable future

While acknowledging the success of their existing programmes, Dr. Osei highlighted the bank’s commitment to evolving their CSR strategy. He emphasized their focus on developing sustainable programmes that create lasting positive impacts on communities. This shift reflects a growing trend within the financial sector, where institutions are increasingly recognizing the need to move beyond short-term philanthropic endeavours and invest in long-term solutions that address systemic challenges.

“Even more, we are looking to address critical issues like environmental sustainability, financial inclusion, and skills development. This aligns with growing sentiments as financial institutions are tailoring their CSR programmes to address the UN’s Sustainable Development Goals (SDGs), demonstrating a commitment to creating a more equitable and sustainable future,” GTBank’s CFO explained.

“GTBank’s commitment to sustainable CSR exemplifies a growing trend within the financial sector. By recognizing the economic domino effect of well-designed programmes and focusing on long-term solutions, GTBank is positioning itself as a leader in responsible banking and contributing to a more sustainable future for Ghana,” he further stated.

GT Bank

Guaranty Trust Bank (Ghana) Ltd was registered in Ghana in October 2004 and obtained its universal banking license from the Bank of Ghana on February 23, 2006, thereby paving the way for commencement of operations.

The operation style, staff conduct and service delivery models of the Bank are built on 8 core principles; Simplicity, Professionalism, Service, Friendliness, Excellence, Trustworthiness, Social Responsibility and Innovation. These Principles are known as The Orange Rules which reflects the Bank’s vibrant Orange corporate colour. GTBank operates from 37 branches spread across the lengths and breadths of the country and is built on the strength of its staff, its structures, policies and procedures.

At GTBank, we believe that our mandate goes beyond providing first class financial service delivery, to contributing to the development of the communities we operate within. Hence, Corporate Social Responsibility forms an essential part of our business model. A significant share of our annual profit is directed to strategic high impact projects that improve Education, Community Development, the Art and Environment.

Due to its consistency in building a strong, profitable and respectable brand in Ghana, GTBank within the 17 years of its operations in the country, has grown to become a reference point for good business practice and a role model in the financial services industry. The Bank has won several awards in recognition of its strength and prowess in the area of innovation and introduction of a plethora of electronic banking channels to aid in convenient banking for every Ghanaian.

At Guaranty Trust Bank (Ghana) Ltd, our vision is to build an enduring Proudly African and Truly International Institution that plays a fundamental role as a platform for enriching lives by building strong, value adding relationships with our customers, stakeholders and the communities in which we operate.

The post GTBank doubles down on sustainable CSR, recognising economic impact appeared first on The Business & Financial Times.

Read Full Story