(Ecofin Agency) - Access Bank Ghana wants to raise funds to support expansion projects. “We are seeking to expand our operations by making new investments in branch expansion, robust technology and other infrastructure,” said Dolapo Ogundimu, Managing Director of Access Bank Ghana.

For the 2015 fiscal year ended in September, the bank cumulated a net profit of 80 million Ghana cedis ($20 million). However, this net profit does not translate into an equivalent increase of the treasury. Between January and December 2015, surplus in treasury stood at 41 million cedis, against more than 250 million cedis in 2014.

The firm will raise the funds it needs by offering 19% of its capital which could be 32% in case the demand exceeds supply. Investors have until November 11 to subscribe to the operation. Overall, Access Bank Ghana hopes to raise 142 million cedis. After the IPO, the bank should list on the Ghana Stock Exchange, thus joining groups such as Ghana Commercial Bank, Société Générale Ghana, Standard Chartered Bank Ghana, and Ecobank Ghana and Holding.

Idriss Linge