ADB to raise GHC310 million additional funds to meet new capital adequacy

The Agricultural Development Bank says it will seek approval from its shareholders this month to raise about 310 million cedis to meet the new minimum capital requirement set by the Bank of Ghana for all commercial banks in the country. Managing Director of ADB, Dr. John Kofi Mensah, said the Bank will use the upcoming Annual General Meeting to get the approval of the shareholders to raise the capital of the bank to the required 400 million cedis before the end of the year. He said this at a Customers Appreciation Cocktail held in Kumasi to allow the Board to interact with key customers of the Bank in the Ashanti region. “I can assure our numerous customers that before the end of this year the Bank will get the money to meet the BOG requirement and the Bank will remain in business to serve customers better,” he said. Dr.  Mensah further said the Bank is working to strengthen its trade finance system to help local businesses take advantage of attractive products to facilitate foreign trade. He said the bank was in the advanced stage of establishing desks, particularly in the Ashanti Region, to be operated by specially trained trade officers. He indicated that the move was driven by the bank’s observation of challenges facing many local businesses in respect to financial transactions with their foreign partners. The MD stated that the Ashanti Region boasts of several businesses that trade with partners outside Ghana, especially in Asia and Europe, hence opening a trade desk in Branches within the region would serve the customers better to achieve their business satisfaction. Dr. Mensah said the Bank was moving beyond supporting just the primary production of Agriculture to also supporting people and organizations ready to venture into the complete agricultural value chain business. He pledged that its management and board were going to do more to make banking attractive to Ghanaians through existing and new technological and innovative services. Mr. Alex Bernasko, the board chairman, said with 78 branches nationwide, the bank was going to open five more branches by the end of the year to make banking easier for everyone. He commended the customers for their loyalty to the Bank and assured them that under his tenure customer satisfaction will be the core value of the Bank. By 3news.com|Ghana]]>