July 16, 2018 / 7:21 PM / a year ago

Bank of Ghana annuls Belstar Capital purchase of control of ADB

ACCRA, July 16 (Reuters) - Ghana’s central bank said on Monday has cancelled the acquisition of 51 pct of Agriculture Development Bank by a consortium led by U.S. investor Belstar Capital because the stakes were acquired inappropriately.

The Bank of Ghana also banned all directors appointed to ADB’s board by the consortium, it said in a statement.

Belstar’s local and U.S. offices could not immediately be reached for comment.

Reporting by Kwasi Kpodo; editing by John Stonestreet

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