The Agricultural Development Bank (adb) has officially listed its equity shares on the Ghana Stock Exchange (GSE).

It thus becomes the 40th company and fourth local bank to be listed on the Ghana Stock Exchange (GSE).

Speaking during its official listing on Monday in Accra, Managing Director of adb, Daniel Asiedu, indicated that “the successful listing of adb shares on the GSE is the result of hard work on the part of the Board, management and staff of the bank on the one hand and the government of Ghana, our partners and key stakeholders on the other hand.”

According to him, “As the 40th company and fourth local bank to be listed on the Ghanaian bourse, we are confident that our participation on the stock market would help deepen the market and provide investors asset options to deploy their investible funds.”

The bank started trading on the GSE on December 13, 2016 with an initial trading price of GH¢2.65, and as at yesterday, its share value had appreciated to GH¢3.35, representing a 0.40 percent with about 10,000 shares.

Mr. Asiedu told journalists that retail investors rather than institutional investors bought the majority of the shares.

“I am delighted that more than a half century after commencement of business operations as a bank, we have successfully listed on the GSE,” said the Board Chairman of adb, Nana Soglo Alloh IV.

Managing Director of the Ghana Stock Exchange, Kofi S. Yamoah, in a statement, urged the bank to maintain what he termed a high standard of information disclosure to the investors' community.

He also encouraged the bank to use the proceeds from its equity shares solely for the intended purposes, as well as the prompt payment of dividends to shareholders.

The Head of Banking Supervision at the Central Bank, Raymond Amanfor, on his part, stated that by listing on GSE, adb had expressed readiness to be more transparent, focused to reward its customers better.

He expressed the hope that other commercial banks in the country, who are yet to list on GSE, would emulate the example of adb to boost confidence in the banking sector.

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