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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

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    Cedi Summit comes off today at Alisa Hotel

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

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    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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

    Take control of financing on the continent – Ofori-Atta to AfDB

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Shareholders will enjoy dividends soon – ADB Board Chairman assures

byLawrence Segbefia
August 13, 2020
in Banking And Finance, Top Stories
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Shareholders of the Agricultural Development Bank (ADB) have been assured of dividends soon as the Bank continues on the path of sustainable growth and profit making.

According to the Board Chairman, Lawyer Alex Barnasko, under his leadership the Bank was now making profit and with a well laid out strategy shareholders will soon enjoy dividends from the Bank.

Speaking at the 33rd Virtual Annual General Meeting of the Bank held in Accra which was streamed live for majority of shareholders due to the current Coronavirus Pandemic he explained that as at the end of December 31, 2016, the Bank had a negative income surplus of GH₵188.8 million thus its inability to pay dividend until the negative income surplus had been completely written off.

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“The Bank of Ghana (BoG) regulation requires the Bank to completely write-of accumulated operating losses from its normal operations before it declares divideneds,” he added.

He mentioned that though the bank recorded a profit of ¢14.8 million in 2019, compared to ¢5.9 million in 2018, it is constrained from paying dividends until the accumulated negative income surplus has been completely written off.

Mr Bernasko stated that measures were being put in place to strenghten the banks loan monitoring and collection to reduce its high Non- Performing Loans (NPLs) as well as intensifying its retail deposit mobilisation drive.

ADB showed some gains in its interest margin which improved from 55.4% in the preceding year to 61.1% in 2019 while Retail deposit also increased by 31.2%, from ¢2.6 billion in 2018 to ¢3.4 billion in 2019.

“With the strategy put in place by the Board and Management we are on the path of increasing our profit and also reducing our NPLs to make it possible to pay dividends,” The Board Chairman noted.

For his part, the Managing Director of the Bank, Dr. John Kofi Mensah has revealed that the bank will intensify its e-commerce products and services.

Shareholders also agreed to change the name of the Bank from Agricultural Development Bank Limited to Agricultural Development Bank Public Limited Company.

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