Govt Shares In GCB To Be Floated

The government has decided not to sell its shares in the Ghana Commercial Bank (GCB).

Rather, it would raise additional resources through the floatation of new shares in the GCB on the Ghana Stock Exchange so as to encourage Ghanaians to acquire these shares.

Consequently, the GCB Board is expected to initiate the process of preparing the bank for floatation of the new shares on the stock market.

Finance and Economic Planning Minister, Mr. Yaw Osafo Maafo, made these known when he presented this year’s budget statement to Parliament in Accra.

He said it is anticipated that the process would be completed by the end of the year.

Mr. Osafo-Maafo added that government would also put out a competitive tender, a management contract for the bank.