ADB to publish names, pictures of loan defaulters after 30 days

The Agricultural Development Bank (adb) has announce it will from the next 30 days begin publishing the names and pictures of all persons who have defaulted in paying back loans they took from the bank. In the case of defaulting entities, the names of the companies and their directors as well as pictures will be published. The decision followed an approval given by the board of directors of the state-owned bank. “This publication shall be the beginning of series of actions the bank intends to take to remind its debtors of their debts and the need to settle their obligations,” a notice issued Wednesday by the bank to the defaulters explained. ADB said it will not hesitate to “use all lawful means necessary against defaulters” who fail to settle their indebtedness after the expiration of the 30-day grace period. It said the defaulters have a “last chance” within the grace period, present a workable payment proposal for consideration, warning “failing which the bank shall be left with no option than to take drastic measures against any defaulters”. ADB was on January 2 this year granted approval by the Securities and Exchange Commission to issue 39 million ordinary shares to the Ghana Amalgamated Trust (GAT) to be able to raise 127 million cedis to help it meet the Bank of Ghana minimum capital requirement. The bank and four other local banks which failed to meet the 400 million-cedi capital requirement at the end of the December 31, 2018 deadline were saved with the announcement of liquidity support for being well-managed. The Ghana Amalgamated Trust was subsequently formed in January 2019 financially support the five local banks.

READ ALSO:  UniBank acquires ADB in 600 million cedis deal