The Ministry of Finance has cleared the Agriculture Development Bank (adb) to proceed with the sale of its shares on the stock market saying parliamentary approval is not required.<\/p>\n
[contextly_sidebar id=”glfa7cNJZwQ6m9MzKVRIyEQQEkvmMVWk”]The Securities and Exchange Commission (SEC) recently gave the\u00a0Adb\u00a0bank approval to list its shares on the stock market.<\/p>\n
The bank is expected to offload a little over 100 million shares<\/a><\/strong><\/span> to the public by the end of April with the hope to give out 75% of the Bank and raise about GH\u00a2300 million.<\/p>\n The minority in Parliament has written to the management of the bank asking them to submit their plans for parliamentary scrutiny or face them in\u00a0\u00a0court<\/a><\/strong><\/span>.<\/p>\n Management of the bank subsequently referred the matter to the Ministry of Finance.<\/p>\n In response, the Finance Ministry has in a letter signed by the Chief Director, Major (RTD) M. S. Tara given the bank it’s full support to sell the shares.<\/p>\n The decision according to the Finance Ministry is based on the advice from the Attorney General’s Department.<\/p>\n \u201cThe Ministry for Justice and Attorney Generals\u2019 Department has explicitly indicated that a Parliamnetary approval would not be required for the listing of the Bank on the Ghana Stock Exchange (GSE). We trust that with this advice, we can now proceed with the necessary further action,\u201d the letter added.<\/p>\n –<\/p>\n By: Godwin Akweiteh Allotey\/citifmonline.com\/Ghana
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