Ghana’s Energy Bank to raise $75m through shares

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Ghana’s Energy Commercial Bank Ltd. plans to raise about 330 million cedis ($75 million) through an initial public offering as the lender prepares to meet the regulator’s new threshold for capital requirements.

The share sale will start next month, with IC Securities Ltd. acting as the transaction adviser for the rights issue, Charles Nixon Yeboah, a spokesman for the Accra-based lender, said in an interview.

Lenders in the West African nation from HFC Bank Ltd. to the local unit of Access Bank Plc are planning to sell shares after the central bank raised the minimum capital requirements from 120 million cedis to 400 million cedis, a condition that has to be met by December.
Suzan O.