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Main » 2014 » January » 16 » BoG to Offload Shares in the ADB
1:43:29 PM BoG to Offload Shares in the ADB | |
The Bank of Ghana (BoG) is expected to offload its shares in the
Agricultural Development Bank (ADB) within two months.
The central bank, which has 42 percent shares in the ADB last year announced it will offload its shares by the end of that year but failed to.  Speaking to Citi Business News the Board Chairman of ADB, Nana Soglo Alloh IV said, "almost everything is done as far as we are concerned, we are just waiting for the government to give us the go ahead. I’ve just finished talking to the deputy minister who represented the minister for finance and economic planning and I’m hoping within the next month or two they will give us the go ahead.” The offloading of the bank of Ghana shares will lead to the listing of ADB on the Ghana Stock Exchange. He said, "The money is not going to come to the ADB, if they offload their shares, it is going to go to the bank of Ghana, we also want to have a situation where once they offload their shares, we can also raise capital.” The bank also expects the government of Ghana to offload its 52 percent stake in the bank soon. Nana Soglo Alloh IV explained that, ''The bank of Ghana is ready to offload its shares, but the government I am not too sure, if they are ready yet. But then I think it’s crucial that the government must also have an input in the bank.” Meanwhile the Agricultural Development Bank (ADB) has announced a two year strategic plan to open twenty two new branches and increase its presences across the country. As part of the 2014-2016 strategic plan, the bank is expected to increase its branches from 78 to 100. This is to expand the bank's customer base and deliver upon the bank’s core mandate of providing funds for agricultural development. The two year strategic plan comes after a rebranding program to launch a new logo for the bank as part of efforts to transform the bank into a modern financial institution. Source: Rabiu Alhassan/Citifmonline.com/Ghana | |
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