CalBank: The Unlikely Phoenix—How a Rights Issue and Digital Bet Reshaped a Ghanaian Lender

▤ Summary

CalBank has moved from severe distress to a much stronger capital position after a fully subscribed rights issue restored equity and improved its capital adequacy ratio. The bank also cut costs, reduced bad loans, and posted stronger earnings in 2025, driven by treasury gains, fee growth, and recoveries from impaired assets. Its digital strategy now includes BeINsured, a USSD-based auto insurance marketplace launched with MTN Ghana and Bluespace to create fee income and expand access for feature-phone users. Even with the turnaround, the bank still faces major risks from legacy non-performing loans, earnings volatility, and possible pressure from the broader Ghanaian economy.

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