The Yaa Asantewaa Rural Bank could be one of the early birds in the Ashanti region to get listed on the Ghana Alternative Market.
The Ghana Stock Exchange has lowered cost and introduced incentives to make the stock market attractive to SMEs.
Investment advisors are particularly entreating rural banks and microfinance companies to turn to the Alternative market to access long term financing.
Yaa Asantewaa Rural Bank, which started operations less than two years ago, has expressed interest to go onto the market.
“The alternative market gives us a brighter opportunity,” says Samuel Addo Otoo, Board Chairman of the Bank. “We’ve opportunity and even gone beyond Ghana by having interactions with institutions in South Africa and Dubai trying to bring capital in; so if the opportunity is there for us to assess it locally, I think it is a brighter time”.
The Bank has the target of opening eight branches within the next five years, in addition to the current two.
Mr. Otoo believes the listing on the stock exchange would enable the bank quicken its expansion drive.
He however entreats the Ghana Stock Exchange to shorten the application process “and also be able to come out with a way of making the process quite simple and accessible by all institutions, especially start-ups that are viable to succeed in the future”.
SMEs with high growth potential can raise Gh250,000 minimum capital on the Ghana Alternative Market.
Story by Kofi Adu Domfeh
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