- ADB has given loan defaulters a 30-day ultimatum to settle their debts
- The state-owned bank says it will publish the names and pictures of all defaulters if they do not pay back
- Our Manifesto: This is what YEN.com.gh believes in
The Agricultural Development Bank of Ghana (ADB) has warned all persons and companies who are defaulting in repaying loans taken from the bank to pay up within 30 days or face their wrath.
The bank has threatened to make public the names and photos of loan defaulters.
According to a report by 3news.com, the bank also said it will publish the names of companies and their directors as well.
ADB says it has been given approval by the board of directors of the bank to go ahead with the decision to publish names of defaulters of the bank.
“This publication shall be the beginning of series of actions the bank intends to take to remind its debtors of their debts and the need to settle their obligations,” a notice issued Wednesday, January 22 by the bank explained.
The state-owned bank further noted that it will apply all legal means to collect their monies from loan defaulters after the expiration of the 30-day grace period.
The bank also urged all loan defaulters to present a workable proposal for consideration.
Meanwhile, the Agricultural Development Bank (ADB) has successfully raised GHS127 million from a private placement.
This is equivalent to approximately 18% of the newly issued share capital with the support of its new shareholder Ghana Amalgamated Trust (GAT).
ADB's issued share capital has now increased to GHS700 million.
At the same time, the total number of ordinary shares in issue will increase to 300,798,407 shares of no-par value.
The new shares have since been admitted to the main market of the Ghana Stock Exchange and rank ‘pari passu’ to existing ordinary shares in ADB in all respects.
According to a circular from ADB and its Lead Manager and Sponsoring Broker, Serengeti Capital Markets, the net proceeds from the Private Placement will be mainly utilised to fund ADB’s core lending activities to the agriculture sector and support the Ghanaian economy in general.
According to the renowned economist, the printing of money by the central bank to pay depositors will not affect the economy or inflation.
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