Tag: ADB
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GH¢400m capital, others triggered uniBank’s interest in adb
Investment Banker, Mahama Iddrisu has cited adb’s quest to meet the new minimum capital requirement of 400 million cedis as a possible reason for the pledge by some shareholders of adb to uniBank. The move Citi Business News also understands is to grow the base of Unibank to undertake huge transactions. Four shareholders of adb…
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Sam Jonah bemoans adb’s support to agriculture
The Executive Chairman of Jonah Capital, Sam Jonah, has lamented over what he describes as the Agricultural Development Bank(ADB’s) shift in focus in supporting Ghana’s agricultural sector. The business mogul argued that the bank’s approach has partly accounted for the decline growth in the agric sector and its ability to employ more people. Mr. Jonah is highly…
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ADB gets new Board
Citi Business News can confirm the board of ADB has been reconstituted. A statement from the Bank to the Ghana Stock Exchange said the reconstitution takes effect from the first of August this year. According to the statement the nine member board is chaired by Mr. Alex Bernasko. The Vice Chairman of the board is…
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Ofori Atta defends GH¢10m adb loan approval
Finance Minister, Ken Ofori Atta has rejected claims he breached due process when he approved a loan facility from ADB to McDan Shipping Company Limited. He argues that the ultimate approval or otherwise relied much on ADB’s credit committee. The Minority has accused Ken Ofori Atta for flouting public procurement rules by approving the GHc…
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Ag. SEC Boss, 19 others conferred fellows of HR Practitioners
The Institute of Human Resource Management Practitioners, Ghana (IHRMP), has conferred Fellow status to 20 Practitioners who have distinguished themselves and are in good standing. The fellows include the Acting Director General of the Securities and Exchange Commission (SEC), Mr. Alexander Williams; MD of ADB Bank and Chairman of the Board of Trustees of IHRMP…
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ADB to save GH¢24m annually from acquiring head office
The Agricultural Development Bank (ADB) has disclosed that its plan to secure where it is currently headquartered, will ultimately save the bank about 24 million cedis annually. ADB’s earlier decision to pay an annual rent of 5 million dollars at its current headquarters in 2015, generated a lot of controversy between the staff and the…
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ADB attributes rise in share price to investor confidence
The Agricultural Development Bank (ADB) has attributed the significant performance of the bank’s share price to investor confidence in the banking stock. As at close of trading on Monday, December 19th 2016, the share price of ADB had gained about 38 pesewas and trading at 3 cedis 33 pesewas. Also, a total of 10,000 ADB…
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BoG still owns 9.5 percent stake in ADB
The Bank of Ghana (BoG) is to still own a stake in the Agricultural Development Bank (ADB) despite the completion of the bank’s Initial Public Offer (IPO) early this month. It follows the inability of ADB to achieve a full subscription of its Initial Public Offer on Monday, December 5th, 2016. The Bank of Ghana…
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ADB fetches 326 million cedis from IPO
The Agricultural Development Bank (ADB) has raised about 326 million cedis in its Initial Public Offer (IPO). The bank was expecting to raise about 380 million cedis from the offer. A statement from ABD and copied exclusively to citibusinessnews.com indicated that, “the proceeds raised from the Offer was the sum of GHS325, 784,952.70 relative to…
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Gov’t to push ADB, NIB for long term credit to local businesses
The Minister of Trade and Industry, Dr. Ekow Spio-Garbrah has hinted to Citi Business News, government may step in to push the National Investment Bank (NIB) as well as Agricultural Development Bank (ADB) to return to their core mandate of providing long term loans to indigenous businesses. One of the core challenges facing local business…