The Bank of Ghana (BoG) has directed GCB Bank PLC to suspend dividend payments to its shareholders after the bank temporarily breached the central bank’s single obligor limit regulation.

In a statement issued on October 20, 2025, GCB Bank said the decision follows ongoing engagements with the regulator after the reclassification of restructured cocoa bills into long-term bonds.

The conversion, according to the bank, altered the prudential treatment of the cocoa bills under existing regulatory guidelines, leading to a temporary non-compliance that prevented the central bank from granting a “no objection” for dividend distribution.

The suspended dividend payment had been approved at GCB Bank’s Annual General Meeting on May 2, 2025, for the financial year ending December 31, 2024.

GCB explained that cocoa bills were previously treated as treasury bills for prudential purposes, but their reclassification into long-term bonds inadvertently pushed the bank beyond the single obligor exposure limit — a rule designed to curb excessive lending or investment concentration in a single borrower or sector.

The bank says it is working closely with the BoG to resolve the matter and restore full compliance.

GCB expressed regret over any inconvenience caused to shareholders and reaffirmed its commitment to sound governance, financial stability and investor protection.