ADB

A group calling itself Citizens in Support of Corporate Governance has advised the Government of Ghana not to allow the ongoing campaigns and allegations by some workers of?Agricultural?Development Bank (ADB) to derail its?decision of executing an Initial Public Offer (IPO) that is meant to?privatized?the Bank.
ADB“Over the past two couple of weeks workers in the Bank,though its Union leadership have made some highly publicized public statements critizing the impending IPO and making allegations against the top management of the bank, particularly focusing on its Managing Director, Stephen Kpordzih.
Effectively, this public campaign was ultimately aimed at halting the IPO that is meant to privatize the bank”, the group noted.
The group indicated that, most of the workers are being used ignorantly by their union leaders, who in turn are being used simply by vested interest who would wish to see ADB Bank remain under the State’s control, albeit a different.
They also noted that , initially, the workers vehemently declared their complete opposition to the privatization of ADB Bank , arguing that it is a state development institution whose functions and charter as the leading provider of financial support to the agricultural sector would not be served under private ownership.
“It has been projected that the IPO would, between this year – if carried ligand the end of 2016, generate a 28% increase in total assets, deposits and loans and advances, as well a 1.2% increase in returns on assets and a 5.6% increase in capital adequacy”, the group explained.
According to the Spokesperson of the group Mr. Toma Imirhe was who addressing Journalists at a press conference in Accra, noted the decision to privatize the bank on the Ghana Stock Exchange (GSE), would importantly also allow for complete transparency in divestiture process, enable ordinary Ghanaians to share in the banks fortunes and forestall the hijacking of the bank’s ownership by one or individuals.
Mr.Toma stated,that the IPO was necessary forreasons of good regulatory practices. Therefore the central bank must divest its equity stake in the bank.
“The incidence of government and other political interference in the governance, management and conduct of state owned banks is well documented and so do not require recounting here. This is why the ministry of Finance, representing government, must divest its equity stake in ADB Bank”, he added.
He has therefore called on the government to reconsider the issues and circumstances surrounding, and not to allow the ongoing campaign by workers and their shadowy behind the scenes sponsors to derail the well-plotted way forward for ADB Bank.

By: Isaac Kofi Dzokpo/ spyGhana.com

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