We Can't Stand In Govt's Way - GCB

The management of the Ghana Commercial Bank (GCB) has said it had no right of authority over what shareholders do with their shares.

In a direct response to their position on the issue of government’s resolve to divest its 46.8 per cent holding in the bank to a strategic investor, the Managing Director, Mrs. Matilda Obeng-Ansong, said “it is the shareholder’s prerogative on what to do with his share whether to sell it or hold on to it.”

Mrs. Obeng-Ansong was speaking at the Facts – Behind – The –Figures series under the auspices of the Ghana Stock Exchange.

She said even though the management would have wished that the local management of the bank was maintained, “we cannot actually determine what the majority shareholder – government with 46.8 per cent should be doing with its shares.

Bank sources however told the GNA that the decision was influenced by International Monetary Fund (IMF) demands on government, which seeks to divest government from business entities.