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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

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    Government partners private companies to mine abandoned iron ore in Oti Region

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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BoG to offload shares in ADB by year end

bycitibusinessnews
September 9, 2014
in Banking And Finance, Top Stories
Stephen Kpordzih, ADB MD

Stephen Kpordzih, ADB MD

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Barring any last minute hitches the Bank of Ghana (BoG) will finally offload its shares in the Agricultural  Development Bank (ADB) by the end of this year.

it follows moves by ADB to list of the Ghana Stock Exchange (GSE).

ADB a universal bank, with a focus on agric, initiated the move some years back, but was unable to do so because of some setbacks.

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A successful listing of the bank, on the Ghana Stock Exchange will see the bank’s capital and branding improving.

Per the current  share structure of the bank, the Bank of Ghana has 48 percent shares, but ADB’s move to go public will see the central bank off loading its shares.

The central bank has been criticized over the years for owning shares in a bank it regulates.

Discussions among the Bank of Ghana,  Agricultural Development Bank and the Finance ministry over the offloading of BOG’s shares have been ongoing for some time now.

Cabinet however last year approved for the bank to go public rather than looking for a strategic investor or a golden share.

Local investors have so far remained tight lipped on whether they will buy the shares when floated on the Ghana Stock Exchange.

But industry players say some private pension funds and the likes of the teachers fund may be interested in acquiring some stakes in the bank.

There are also fears that some locals may front for foreigners to acquire the shares but the Managing Director of ADB bank Stephen Kpordzih warns such a move will only go to destroy the local niche of the bank.

The bank whose focus is on the agric sector has about 50percent of its nonperforming loans emanate from the agric sector.

Meanwhile there are calls for the bank to ensure it cleans its huge debt portfolio before going public thsi year.

 

By:  Vivian Kai Mensah/citifmonline.com/Ghana

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