EECCOOBBAANNKK GGHHAANNAA LLIIMMIITTEEDD FULL PROSPECTUS FOR THE SALE OF 8,275,000 ORDINARY SHARES OF NO PAR VALUE OF ECOBANK GHANA LIMITED AT ¢11,000 PER SHARE Lead Managers: ECOBANK STOCKBROKERS LTD & SSAASS STRATEGIC AFRICAN SECURITIES LTD The date of this prospectus is May 15, 2006 Ecobank Ghana Share Offer – Full Prospectus Responsibility for the accuracy of the information in this prospectus (the “Prospectus”) lies with the Directors of Ecobank Ghana Limited (‘EBG or the ‘Company” or the “Bank”). To the best of the knowledge and belief of the Directors of EBG, having taken all reasonable care, the information in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. A copy of this document has been delivered to the Registrar of Companies in Ghana for registration. The Registrar has not checked and will not check the accuracy of any statement made, and accepts no responsibility therefor or for the financial soundness of the Company or the value of the securities concerned. This document was registered by the Registrar of Companies, Ghana on •2006. Application has been made to the Ghana Stock Exchange (the “GSE”), for the listing of all the fully paid issued shares of the Company on the First Official List of the GSE. The GSE has given approval for the listing of the said shares on the First Official List. The GSE assumes no responsibility for the correctness of any of the statements made, opinions expressed and reports presented in this Prospectus. Admission to the First Official List is not to be taken as an indication of the merits of the Company or of the shares of the Company. The Company has not authorised any person to give any information or to make any representation other than those contained in this document, and if given or made, such information or representation must not be relied upon as having been authorised. This Prospectus has been reviewed and approved by the Securities and Exchange Commission (SEC) in accordance with Section 9 of the Securities Industry Law (P.N.D.C. Law 333), as amended. In its review, the Commission examined the contents of the Prospectus to ensure that adequate disclosures have been made. To ascertain the financial soundness or value of the securities on offer, investors are advised to consult a dealer, investment adviser, or other professional for appropriate advice. ECOBANK GHANA LIMITED Incorporated in Ghana on January 9th, 1989 as a Limited Liability Company under the Companies Code, 1963, Act 179, Registration No: C-36,572 Public Share Offer on behalf of ECOBANK GHANA LIMITED of 8,275,000 ordinary shares of no par value at ¢11,000 per share By ECOBANK STOCKBROKERS LIMITED & STRATEGIC AFRICAN SECURITIES LTD The distribution of this Prospectus and the offering of the shares in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required by the Company to inform themselves about, and observe, any such restriction. This Prospectus does not constitute an Offer and may not be used for the purpose of an Offer or solicitation by anyone in any jurisdiction or in any circumstances in which such an Offer or solicitation is not authorised or is unlawful. Before deciding whether to apply for shares, you should consider whether shares are a suitable investment for you. Their values can go down as well as up. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor. Neither the delivery of this document nor any sale hereunder shall under any circumstances, create any impression that there has been no change in the affairs of the Company since the date hereof or that the information contained herein is correct as of anytime subsequent to this date. Any material change, relevant to the Offer, in the affairs of the Company during the floatation period will be communicated to the SEC and the investing public. Ecobank Stockbrokers Limited and Strategic African Securities Limited are acting as Lead Managers for the Company. The Lead Managers have relied on information provided by the Company and accordingly, they do not provide any assurance of the accuracy of the information contained in this Prospectus and do not accept any responsibility or liability for the inaccuracy of the information contained in the Prospectus. The Lead Managers do however confirm that to best of their knowledge, this Prospectus constitutes a full and fair disclosure of all material facts about the Company and the issue. The Date of this Prospectus is May 15, 2006 ii Ecobank Ghana Share Offer – Full Prospectus TABLE OF CONTENTS KEY MILESTONES AND TIMETABLE ............................................................................................ v LEGAL ADVISOR’S COMPLIANCE CERTIFICATE ...................................................................... vi SUMMARY OF THE OFFER, SHARES AND CAPITAL ................................................................. ix DIRECTORS AND CORPORATE INFORMATION .......................................................................... x ADVISORS TO THE SHARE OFFER............................................................................................. xii RECEIVING AGENTS.................................................................................................................... xiii DISCLAIMER ................................................................................................................................. xiv DEFINITIONS.................................................................................................................................. xv PART 1 – PROSPECTUS SUMMARY ............................................................................................. 1 PART 2 – ECOBANK GHANA LIMITED.......................................................................................... 7 A. General Information.................................................................................................................................7 B. Capital Structure of the Issuer................................................................................................................8 C. History and Development of EBG ........................................................................................................10 D. Business Overview ................................................................................................................................11 E. Organisational Structure.......................................................................................................................14 F. Directors and Senior Management.......................................................................................................17 G. Corporate Governance and Board Practices ......................................................................................20 H. Employees ..............................................................................................................................................23 I. Remuneration and Compensation .......................................................................................................24 J. Share Ownership of Directors and Employees...................................................................................25 K. Property & Equipment ...........................................................................................................................25 L. The Parent Company, Ecobank Transnational Incorporated (ETI) ...................................................26 M. Related Party Transactions...................................................................................................................31 N. Other Disclosures ..................................................................................................................................32 PART 3 – DESCRIPTION OF THE PUBLIC OFFER ..................................................................... 34 A. Reasons for the Offer ............................................................................................................................34 B. Details of the Securities on Offer .........................................................................................................34 C. Offer Statistics and Timetable ..............................................................................................................37 D. Plan of Distribution................................................................................................................................38 E. Pricing and Trading of the Securities on Offer ...................................................................................38 F. Markets....................................................................................................................................................39 G. Selling Shareholders .............................................................................................................................39 H. Dilution....................................................................................................................................................39 PART 4 – REVIEW OF GHANAIAN BANKING SECTOR ............................................................. 41 A. Introduction and History of Commercial Banking in Ghana .............................................................41 B. Market Participants................................................................................................................................41