Saudi Crown Prince Buys GCB?

As the debate on the impending divestiture of Ghana Commercial Bank (GCB) rages on, latest information indicate that an agreement has already been reached to sell government’s holding in the bank to Saudi Crown Prince, Sheikh Al Waleed Bin Talal Bin Abdul Aziz Al Saud.

The Ghana Palaver newspaper says the Crown Prince who was in town last month has already signed and sealed an agreement with the Kufuor administration to acquire the Ghana Commercial Bank shares.

Announcement of the details has however been kept under wraps to avoid incurring the displeasure of other prospective investors as well as the World Bank and IMF who are insisting on an open tender process.

The Prince already owns a stake in CAL Merchant Bank and has expressed interest in the rehabilitation of Ambassador Hotel. The NPP government has a deadline of September 2003 to complete the sale of GCB.