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Ghana-based Energy Bank eyes stock market listing, chairman says

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Ghana-based Energy Bank eyes stock market listing, chairman says

Energy Bank Ghana Ltd. is looking to list on the Ghana Stock Exchange, Chairman Jimoh Ibrahim told Joy Business.

Ibrahim will resign from his position. "If you're going to do IPO and people want to come in then you cannot continue to be the chairman so I'm going to drop out," Ibrahim reportedly said, adding that the potential IPO gives opportunities for Ghanaian investors to own shares in the lender.

Ibrahim clarified that the bank is not challenged in meeting new minimum capital requirements set by the Bank of Ghana of 400 million cedi, up from 120 million cedi currently. Energy Bank is reportedly working toward reaching the minimum capital level ahead of the central bank's Dec. 31 deadline, and Ibrahim believes the new capital will be ready in about a month.

As of March 8, US$1 was equivalent to 4.45 Ghanaian cedi.