Business News of Thursday, 8 March 2018
Energy Commercial Bank has hinted of moves to list on the Ghana Stock Exchange to allow investors to own shares in the bank.
The Board Chair of the bank, Dr Jimoh Ibrahim disclosed this in an interview with JoyBusiness at a Customer Cocktail Engagement in Accra.
According to Dr Ibrahim, even though the bank is not challenged with raising capital to meet the new Bank of Ghana minimum capital requirement, it has decided to offer an opportunity for Ghanaians to own a part of the company.
He said, “We’re going to do IPO to make Ghanaians own the bank; I’m going to resign my appointment as a board chairman. If you’re going to do IPO and people want to come in then you cannot continue to be the chairman so I’m going to drop out. Some of the board members are going to resign their appointments so that new people can come in…”
Dr Ibrahim is hopeful that Energy Commercial Bank would meet the new minimum capital requirement before the December deadline. According to him, all the necessary works are underway and the bank’s new capital should be ready in about a month’s time.
He said, “It takes about 22 weeks so the process has started, some board letters will come out and then I think in about 4 weeks you should be seeing us in the market.”
The Bank of Ghana has given commercial banks up to December 31 this year to up their minimum capital level from current GHc120 million to GHc400 million.