ADB saga Ghana Federation of Labour wants ADB investigated

The Ghana Federation of labour has asked government to intervene to avert the collapse of ADB.

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The Ghana Federation of Labour has called on government to investigate the fortunes of the Agricultural Development Bank (ADB) and the disagreements between management and staff.

Abraham Koomson, Secretary General of the labour group said, “Workers have been offered the opportunity to be part of the bank’s ownership and they must take advantage of it to be part of major decisions of the bank”.

“Management of the bank has opened its doors for us to come and observe the process of floating shares because they have done nothing wrong.”

Meanwhile, the board of the Bank has put on hold the decision to float shares to inject more capital into its operations following an objection by workers and threats of legal action by the minority in parliament.

There were outrage by staff of the bank who expressed dissatisfaction by the management's move to sell its head office in Accra for $ 10 million and and rent a new office for GH¢1 million per month.

Management of the bank, however, said the decision was a prudent one because about 40% percent of the head office staff were housed in other buildings in the city.

Another key issue of concern to the workers of the state-owned financial institution is the alleged sale of its landed properties in prime locations such as Airport Residential Area, Roman Ridge, Sakumono, among others.

The workers were demanding immediate reversal and unconditional sale of the ADB House as well as suspension of the Initial Public Offer (IPO) of its assets.

The workers have also demanded for a comprehensive forensic audit to be conducted within the shortest possible time into the activities of the Board and the Managing Director.

But management has debunked reports that the bank's head office has not been sold.

 

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