Business News of Monday, 14 January 2013

Source: myjoyonline

ADB delays plans to list on Ghana Stock Exchange

The Agricultural Development Bank (ADB) has suspended plans to list itself on the Ghana Stock Exchange, a move that will delay the bank’s plans to end state ownership and become a private entity.

The act of listing a company on the stock market is an essential step in the process of going public.

Yvonne Quansah, Acting Director of the Financial Services Division at the Finance Ministry, announced that the delay is in response to a potential transfer of power in the upcoming elections.

Whichever party takes power after December will continue to oversee the transition, she said.

The ADB is currently 52% owned by the government and 48% owned by the Financial Investment Trust on behalf of the Bank of Ghana.