Ghanaian bank, ADB meets Minimum Capital Requirement

Ghanaian bank, Agricultural Development Bank (ADB) has met its Minimum Capital Requirement (MCR) of GHc400 million ($82,607,080), a requirement by the Bank of Ghana.

ADB meets Minimum Capital Requirement

At an Extra-ordinary General Meeting (EGM) with its shareholders, the Managing Director of ADB Dr John Kofi Mensah, said the bank will meet the MCR within the next 11 days.

In a statement on the bank's official Facebook page on Thursday, December 20, 2018, ADB confirmed with a post:

"ADB meets the GHS400 Million minimum universal banking licence requirement set by BOG after passing a resolution to raise GHS 233M through renounceable right issue by December 31, 2018."

Ghana's Central Bank announced the new MCR about 15 months ago. It was expected that most banks will work on meeting this new requirement to prevent their licences being revoked by the BoG.

While some banks are merging to meet the new requirement, others are also raising the amount needed through their shareholders and other investors

The deadline for banks to meet the new MCR given by the Bank of Ghana (BoG) is December 31, 2018.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke