Stephen-Kpordzih has confirmed that his resignation letter was tendered to the Board on January 4, 2016.

Mr.-Stephen-Kpordzih-MDMr. Kpordzih in his letter stated that he was writing to notify the board on his decision not to seek any further extension of this contract.

His resignation however contradicts earlier position by the Bank disputing claims of the MD’s resignation.

The Agricultural Development Bank late last year denied media reports that its MD Stephen Kpordzih was stepping down by January 2016.

At that time, there were reports that Stephen Kpordzih’s contract with the bank had been renewed according to a letter given to him on December 29, 2015.

The Bank however stated in a statement that there has not been any communication from the board to the Managing Director about the non-renewal of his contract, adding that  “its last Board meeting was on the 23rd December 2015 and the future status of the Managing Director, Mr. Stephen Kpordzih was not part of the agenda and was never discussed since his contract had not expired.”

Meanwhile Stephen Kpordzih’s latest decision came as a blow to many industry players who feel his resignation will not auger well for the on-going IPO of the bank.



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