ADB to raise GH¢127 million to meet BoG’s minimum capital requirement

The Agricultural Development Bank (ADB) is expected to raise GH¢127 million to ensure that it meets the Bank of Ghana’s Minimum Capital Requirement.

Agricultural Development Bank

This is after shareholders of ADB voted to allow the bank to raise GH¢127 million to enable it to meet the minimum capital requirement set by the Bank of Ghana.

This will be made through the private placement of shares with the Ghana Amalgamated Trust PLC which has been mandated to assist some five commercial banks to meet the GH¢400 million minimum capital.

In December 2018, ADB met the minimum capital requirement. However, provisions for some previous losses affected the bank’s financial position.

This led to its capital dropping to GH¢258 million. But speaking at the bank’s AGM, the Board Chairman of ADB, Alex Bernasko said he is hopeful of the bank’s prospects going forward.

“The outlook of the coming years is bright as we commit to staying on track with our five years strategic plan.”

“The need to mobilize more deposits, book quality loans and to recover the non-performing loans cannot be overemphasized. Please permit me to use this opportunity to thank the former board members for their invaluable service to the bank and to render our warm wishes to them in their endeavors in the future.”

“Members, let me concede that ADB has a huge responsibility to its customers and the general public to render excellent customer services and become the most preferred banking partner and as a board, management and staff; we promise that we shall be equal to the task,” Mr Bernasko said.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke