Shareholders of Ecobank Ghana Limited on Thursday approved, unanimously, a special resolution by the Board to increase the company’s stated capital up to GH¢100 million. The move is primarily to enable Ecobank meet the Bank of Ghana’s December 2009 deadline for GH¢60 million Stated Capital for local banks, however, Board Chairman Tei Mensa Mante also explained that the bank projects increased competition in the banking sector for the coming years and the move will also enable Ecobank to execute bigger projects. The objective will be met either through the transfer of the required sum from the company’s Income Surplus or by raising additional capital, and Mensa Mante assured shareholders that even though fine details of the process were yet to be finalised, a rights issue will not be ruled out. According to the Board Chairman, 2007 proved a very successful year for the bank, as apart from maintaining its position as the 4th largest bank in Ghana; the bank consolidated its business and achieved good financial results.