Business News of Fri, 7 Dec 20183

Recapitalisation: ADB, NIB merger in limbo

Adb Bank. Agricultural Development Bank

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The Managing Director of the Agricultural Development Bank (ADB) has indicated that the bank is working to recapitalize before the December 31, deadline.

According to Dr John Kofi Mensah, an announcement would soon be made by shareholders of the Bank, which includes Bank of Ghana, Government, some retail investors and staff of ADB.

Dr Mensah tells JoyBusiness, ADB has come very far in meeting the minimum capital requirement before the end of December.

Why is ADB going ahead with capital raising plans despite plans to merge it with NIB

According to the Agricultural Development Bank, they believed that they are in a very good position to meet the new capital levels, without depending on another bank to meet the capital.

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Dr Mensah says he does not think the merger would come on has planned.

Outlook for ADB

According to the Agricultural Development Bank, it plans to be heavy on the financing of agriculture from next year.

Dr Mensah said this is part of measures to play a lead role in the when it comes to developing and financing agriculture.

He said ADB is also working with other Agric-related institutions in offering technical assistance to persons in the Agric business.

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