Agricultural Development Bank set to divest its investments in four institutions

GHANA – Agricultural Development Bank is set to divest its investments in four institutions including Ghana International Bank and Metro Mass Transportation Limited. The bank holds 9%, 10%, 16% and 20% in the Ghana International Bank, Agridev Real Estates Limited, Metro Mass Transportation limited and Activity Venture Finance Company, respectively. The value of investment in Ghana International Bank Limited as at the time of the directors report was estimated at GH¢70,170 (US$11,706.90) which represents 11% of the net of own funds of the Bank (GH¢ 639,224- US$106,645.77). This holding the…

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Ghana’s Agricultural Development Bank posts impressive results despite of COVID19 challenges

GHANA – Ghana’s Agricultural Development Bank (ADB) has posted impressive financial growth in its half year results even in the face of the Coronavirus pandemic that has wreaked havoc to all sectors of the economy. A statement signed by Dr John Kofi Mensah, Managing Director of ADB said that the Bank’s unaudited half-year results published showed a growth in all key performances such as assets, deposits, loans, net interest income among others. ADB’s total asset grew by more than GH¢800million (US$138.25 million) or 17.17 per cent from GH¢4.04billion (US$698.18 million)…

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Agricultural Development Bank of Ghana boosts the poultry industry with US$86.5m financing

GHANA – Agricultural Development Bank (ADB), Ghana’s leading commercial bank with focus on Agriculture has disbursed financing worth GH¢23 million (US$3.9m) to six companies in the poultry value chain through its Poultry Value Chain Financing Programme (PVCFP). This is the first tranche of funds from the bank’s GH¢500-million (US$86.5m) package aimed to support the local poultry industry to increase production in a bid to reduce the country’s reliance on imports. According to a report by Ghanaian Times, the facility is being rolled out in partnership with the Bank of Ghana, Ministry of…

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Agricultural Development Bank gets authorization to raise US$22m from GAT

GHANA – Ghana’s leading commercial bank with focus on Agriculture, ADB has announced that it has received approval to issue in excess of 39 million ordinary shares to the Ghana Amalgamated Trust  (GAT) to raise US$22.35 million (GH¢127 million). The Bank said in a statement that the move was in fulfillment of ADB’s recapitalization of US$70.4 million (GH¢400 million) required of commercial banks by the Bank of Ghana as at December 2018. A statement issued by the Ghana Stock Exchange on the transaction said that the announcement followed an approval…

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AfDB climate change initiative ABM roars to life with the appointment of an interim Executive Board

AFRICA – The African Development Bank (AfDB) has appointed a group of renowned experts to the board of a continental initiative to mobilize financing for resilience to the negative impacts of climate change known as Adaptation Benefits Mechanism (ABM). The Bank established the interim executive board of the Adaptation Benefits Mechanism (ABM) on early October 2019 and the newly formed ABM board is being assisted by an interim secretariat. The secretariat is placed in the Bank’s Climate Change and Green Growth department, headed by the director Dr. Anthony Nyong. “We…

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