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    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

    Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt

    Assin State College receives Dano “Inner Strength” Award

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

    Registrar of Companies increases fee for business registration

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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adb must go ahead with sale of shares – BoG

bycitibusinessnews
May 13, 2015
in Banking And Finance, Business, News
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The Bank of Ghana has backed embattled adb bank’s decision to list on the Ghana Stock Exchange as it continues its investigations into allegation of bad corporate governance and financial malfeasance in the running of the bank.

[contextly_sidebar id=”nNs5AUOKPcDLpTanNIJXCraoqc1eTEfq”]This comes at a time when adb bank has suspended plans to float shares after agitations by the unionized workers of the bank.

adb has been in the news for some time now following plans by management to list on the bourse , sell the head office of the bank for 10 million cedis and rent a newly built ,already furnished head office for 1 million dollars.

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The Central Bank has 30 days to conclude investigations into developments in the bank after being directed by government to do so.

Some Financial analysts have over the years lamented that the Central Bank has been in a conflict of interest position because the regulator owns shares in adb.

According to the governor of the Bank of Ghana Dr. Henry Kofi Wampah, “the problem is that we are the supervisors and normally we should not be supervising institutions that we have shares in. That is why I think it is very important that we look at this share sale and allow it to move on because it helps us remove that conflict of interest that the Central Bank has, in dealing with those banks…so I think we will continue to work towards at least to help achieve that IPO”.

The Bank of Ghana owns 48% stake in the bank while, government owns 52% stake.

adb after getting cabinet approval originally wanted to float close to 100 million shares representing about 75% of the bank to raise about 420 million cedis.

Responding to the concerns of the workers , Dr. Wampah said ,”i believe that it is important to carry along all stakeholders , that is why it is important to dialogue with them , I’m not dismissing their complains outright”.

–

By: Rabiu Alhassan/citifmonline.com/Ghana

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