Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Ghana Commercial Bank Gains 7th Week on Lending: Accra Mover

Ghana Commercial Bank Ltd., the nation’s biggest lender by branches, gained for a seventh week as investors speculated it boosted profit by increasing lending to government workers who got a salary raise last year.

The stock rose 3.8 percent in the week, bringing its advance this year to 44 percent. More than 106,000 shares were traded, almost double the three-month daily average, as it added 0.3 percent today in Accra.

“One effective strategy the bank adopted last year was lending to retail customers on government payroll,” Randy Mensah, a stock trader at Ecobank Development Corp., said by phone. “As a state bank, GCB serves most of the government workers in the country.”

State employees received a 20 percent increase in their base pay last year as the government moved workers to a new payment system. Wage costs now take up 60.9 percent of the West African nation’s revenue, President John Dramani Mahama told lawmakers yesterday.

Ghana Commercial’s net income increased to 87.6 million cedis ($46 million) in the nine months through September from 38.3 million cedis a year earlier. Net interest income, the money banks make from lending, advanced 36 percent to 213.4 million cedis. Full-year profit may jump to above 100 million cedis, Mensah said.

The “perception about the bank out there is going well because of an ongoing rebranding exercise,” he said. Technology “is being upgraded for more e-banking product offerings and business portfolios are being restructured to drive profitability.”

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.