Women World Banking to go public

Accra, Oct. 3, GNA - Women's World Banking Ghana, a Non-Bank Financial Institution, is to be converted into a Public Limited Liability Company to enable it to meet the Central Bank's capital adequacy requirement of 15 billion cedis.

A resolution to that effect was passed by the Bank's shareholders at the end of their Annual General Meeting in Accra on Friday. Bank of Ghana is asking all micro finance companies to boost their capitalization to the required level by the end of March 2005 in its bid to guarantee the operational viability of such institutions. The shareholders approval would enable Women's World Banking Ghana to increase its authorized shares from 10 million ordinary shares to 100 million shares.

Professor Florence Abena Dolphyne, Board Chairperson, told the Ghana News Agency Business Desk, that the conversion of the company from private to public would stand it in a better position to increase its reach to vulnerable women in the country. However, she said, the Bank would thread cautiously in expanding its network of branches since that required a further commitment of resources into office buildings and personnel. "We intend to expand cautiously as we watch the downward trend of interest rates and other government's economic measures," she said. She asked the shareholders to purchase a significant number of shares if put on offer to ensure that they maintained a reasonable balance since the increased number of shares would lead to a dilution of their current holdings.

Prof Dolphyne said; "when the change in the legal status of the company is effected the new shareholders could call for a review in the composition of the Board of Directors. "Should such a need arise, we will duly inform you of the retirement of some members of the Board and the appointment of new members to replace them." On plans to improve customer service, Prof Dolphyne said, the Bank was looking for a banking software package that would enable it to improve data capture, speed up daily work processing and reporting at all branch levels.

There are also moves to launch in partnership with Gemini Life Insurance a pilot life insurance portfolio with an investment package to serve as pension for the insured. The Women's World Banking Ghana was incorporated in Ghana in 1983 with the objective to provide direct financial services through savings mobilisation and granting of credits and loans to marginalized individuals and groups, especially women in small-scale businesses. It currently has a net asset base of 11.4 billion cedis.