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Best bank: Ghana Commercial Bank |
Ghana Commercial Bank is the largest local bank in the country. It was set up in 1953 to help local entrepreneurs and now has nearly 140 branches throughout the country. Despite strong competition from Nigerian entrants to the market, as well as more traditional rivals such as Barclays and Standard Chartered – last year’s winner – the GCB has posted impressive figures, making a net profit of C25 million ($22.9 million) for the year ending 2007, while shareholder funds have increased to C167 million.
GCB is at the forefront of the introduction of technology into the country’s banking sector. It was the first bank in the country to run a pilot scheme for E-Zwich, the Bank of Ghana’s directive to make all banks in the country link their ATMs to the National Switch. This will enable Ghanaians to access cash from any ATM in the country.