Following our meeting with Ghana Commercial Bank Ltd we concluded that the Ministry of Finance and Economic plannings 21.36% in the bank will not be going away anytime soon, at least not in the next three years. As such, it looks like the loan book will continue to be dominated by the Tema Oil Refinery Limited, with its associated price control risks.
Too bad. If they could get the refinery off the books the bank, and the government off its back, it would be a great restructuring story.
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