New Board of Directors for ADB inaugurated
The number of directors of the Agricultural Development Bank (ADB) has dropped following the annulment of four institutional shareholders in the bank by the Bank of Ghana (BoG) last month.
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According to the BoG, the shares of those companies were annulled because they purchased them under suspicious circumstances.
New capital requirement
Speaking at the inauguration of a new board for the ADB on Wednesday, August 29, 2018, the Board Chairman, Mr Alex Bernasko, said the bank would meet the new minimum capital requirement by December this year.
He said that would follow an aggressive pursuit of all outstanding loans
“One area that will help us a lot is
Those removed
As a result of the annulment of the shares, six former directors were removed. They are Mr Patrick Kingsley-Nyinah, Mr Kwabena Dapaah-Siakwan, Nana Ama Serwaa Bonsu, Mr Frank Kwame Osei, Dr Adu Anane Antwi and Prof. David Abdulai.
New board members
Those removed have since been replaced by Dr Mark Assibey-Yeboah, Madam Abena Osei-Asare, Prof. Peter Quartey, Mr Kwesi Korboe and Madam Mary Abla Kessie.
The three members who remained from the old board are Mr Bernasko, Mr George Kwabena Abankwa Yeboah and Dr John Kofi Mensah, the MD of the bank.
Core mandate
Speaking at the inauguration, a Deputy Finance Minister, Mr Charles Adu Boahen, charged the board to work to achieve its core mandate of supporting the growth of Ghana’s agricultural sector.
“Although the ADB remains the leading financial institution in agricultural financing in the country, its total credit to the sector has reduced over the last four years, while its credit to the services sector has increased over the same period,” he observed.