A statement from the Bank said the Fund’s investment was subject to regulatory approval.

First Atlantic Bank transformed from a merchant bank to a universal bank in 2011 and has, progressively, become one of the most established local banks with an extensive footprint and a robust financial position.

Commenting on the announcement, Mrs Karen Akiwumi-Tanoh, the Chairman of the Board of the Bank, said: “We are glad to have attracted the backing of AFIG Funds at this critical phase in our growth. We have been engaged with AFIG Funds for several years and are delighted to have gained their confidence in our business model and prospects.”

“This investment will go a long way in strengthening our capital base and will better position us to continue delivering excellent service to our customers. We also expect to benefit from AFIG Funds’ experience of investing in and building banks across Africa,” she added.

Mr Papa Madiaw Ndiaye, the Chief Executive Officer of AFIG Funds, said: “We are pleased to build a partnership with a bank of this calibre, which has a diversified reach across key segments of the economy. This investment cements the longstanding relationship between both institutions.”

He said the partnership with First Atlantic Bank takes place at an important stage in Ghana’s economic evolution given the new government’s plans and ambitions, particularly in terms of restoring investor confidence.

“As an international investor, we pride ourselves on timing our investments to ideally coincide with periods of great promise in the target country. We are also delighted to partner with a reputable institution like First Atlantic Bank, especially at a time when the Bank of Ghana has taken bold steps to strengthen the banking sector,” he said.

“We believe that First Atlantic Bank has the capacity to become one of the leading banks locally and possibly in West Africa, thanks to the quality of its board and management team, as we have known its MD/CEO, Mr Odun Odunfa, and other members of the board and management team for many years,” Mr Ndiaye added.