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!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

Top 10 happiest countries in Africa in 2022

Top 10 happiest countries in Africa in 2022

Here are the top 10 cities in Africa where the most rich people live

Here are the top 10 cities in Africa where the most rich people live

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

These 6 countries have the highest unemployment rates in Africa

These 6 countries have the highest unemployment rates in Africa

Top 10 African countries with the highest corporate tax rates

Top 10 African countries with the highest corporate tax rates