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Access bank to issue IPO on Ghana Stock Exchange

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Access Bank has received all regulatory approval to join the Ghana Stock Exchange (GSE), and hopes to issue its Initial Public Offering (IPO) later this year. The Securities and Exchange Commission (SEC) and GSE completed their assessment of the bank’s preparedness to list on the local stock exchange and have granted it the opportunity to. In a statement to the press, Dr. Adu Anane Antwi, Director General of the SEC confirmed that permission for the IPO had been granted, reiterating comments by the Managing Director of the GSE, Kofi Yamoah. Dr Antwi said “I do not have all the information yet but approval has been given, but they haven’t launched it yet. For them listing this year depends on how the offer goes; if they are able to finish the offer this year then definitely it will come on.”

Access Bank’s Profit Before Tax held at GH¢123 million for 2015, just as in 2014. Despite the stagnation, the bank has seen growth in other areas. Total assets were up 41 percent to GH¢2.42billion ($610 million) in 2015 from GH¢1.7billion ($430 million) in 2014. Gross earnings were also up, by 35 percent to GH¢421million ($106 million) in 2015 from GH¢312million ($78.5 million) in 2014. Access Bank began operations in Ghana as a full service commercial bank in 2009, and within one year had won two Ghana Banking Awards. In 2012, it acquired Intercontinental Bank to become one of the largest retail banks in Ghana. Having grown consistently over the past few years, it received its ISO 9001:2008 Certification in 2015.

 

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