In Ghana, the Agricultural Development Bank (ADB) plans to re-launch next week its initial public offering (IPO) ahead of listing on the Ghana Stock Exchange.

The group through this operation aims to raise $150 million to increase its financing target by 50%.

However, the bank’s president, Nana Soglo Alloh, told Bloomberg that the government must first approve the operation as it holds a 52% interest in the lender. He added that the government would keep its stake while Bank of Ghana will sell its 48% in ADB. This stake will be sold at a rate of 2.65 cedis per share.

“We hope to raise more funds by selling more shares,” he told Bloomberg. ADB’s new attempt to raise funds comes after a similar one which failed to seal last March as the firm rejected bids submitted by its investors.

That last previous operation was immediately followed by the reimbursement of funds received, knowingly $110 million.