Bloomberg News

Ghana Commercial Gains Most in Two Weeks on Outlook for 2012

December 29, 2011

Dec. 29 (Bloomberg) -- Ghana Commercial Bank Ltd., the West African nation’s biggest lender, rose the most in two weeks as investors bet the stock will gain next year.

The stock gained 1 pesewa, or 0.5 percent, to 1.85 cedis by the 3 p.m. close in the capital, Accra, the biggest increase since Dec. 16.

“Ghana Commercial’s gains may top 2 cedis a share next year as it becomes more attractive through cost reduction and streamlining of the loan portfolio,” Haruna Gariba, a stock trader at Accra-based Merban Stockbrokers Ltd., said in a phone interview. “The bank has moved away from financing crude imports and is now trying to do more cocoa loans.”

--Editors: Emily Bowers, Linda Shen

To contact reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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