The Chief Executive of the Standard Chartered Bank, Ghana, Herman Shah has emphasised the need for banks in the country to raise money and strengthen their balance sheets. He said given “the emerging opportunities in Ghana, it is imperative that banks have a strong balance sheet to capitalise on these opportunities. Regardless of the Bank of Ghana directive (for all foreign banks to raise their capital base up to GH¢60 million), I think it makes great business sense for us and for most of the other banks to also increase their capital base so that we can do larger transactions and we can have a more stable banking sector.” In line with this, he told Joy FM’s Super Morning Show host, Kojo Oppong-Nkrumah, that the bank was seeking to raise an amount of GH¢48 million through a Renounceable Rights Issue. He said each of the bank’s near 5,000 shareholders are entitled to buy a share for every ten shares and shareholders who do not wish to take up their right can cede that right to a person of their choosing. Mr Herman Shah expressed optimism that the bank will be able to raise the required amount because given its performance, shareholders will certainly want to take up their right. Explaining his optimism, the CEO said “our share has tended to out-perform the Ghana Stock Exchange and has tended to out-perform the general banking sector so if investors are looking for a stock which has the potential of good returns, I will urge them to consider the Standard Chartered Rights Issue.” He said the money will be invested in the oil and gas sector, the telecommunications sector as well as the agricultural sector. Story by Malik Abass Daabu/Myjoyonline.com/Ghana