A new Board of Directors has been inaugurated for adb.
This is after the Bank of Ghana annulled the shares of four institutional shareholders in the bank last month. This caused the number of directors to reduce.
The four companies are; Starmount Company Limited, EDC investment, SIC Financial Services as well as Belstar Company limited.
According to the central bank, their shares were annulled because they purchased the shares under suspicious means.
Per the annulment of the shares, six former directors were removed.
They include; Mr. Patrick Kingsley-Nyinah, Mr. Kwabena Dapaah-Siakwan, Nana Ama Serwaa Bonsu, Mr. Frank Kwame Osei, Dr. Adu Anane Antwi and Professor David Abdulai.
They have since been replaced by Dr. Mark Assibey Yeboah, Abena Osei Asare, Professor Peter Quartey, Mr. Kwesi Korboe as well as Madam Mary Abla Kessie.
The inauguration was held on Wednesday, August 29, 2018. The Chairman of the Board, Alex Bernasko said the bank it working tirelessly to meet the new minimum capital requirement by December this year.
He explains that this will follow an aggressive pursuit of all outstanding loans due the bank.
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“We are drawing up a recapitalization plan, in fact, we already had one but with all the things happening we need to fine-tune as we go along. In fact, one area that will help us a lot is recovery; we have so many non-performing assets out there. If we do very aggressive and extensive recovery, retrieving these funds which are out there will make it very easy for us to meet the capitalization but I’m confident we will meet the four hundred million by the end of this year,” he said.
Meanwhile, a Deputy Finance Minister, Charles Adu Boahen charged the Board to work to achieve their core mandate of supporting the growth of Ghana’s agric sector.
“As you may be aware, the contribution of the agricultural sector to GDP has been declining over the last six years from 22.9 % in 2012 to 18.3 % in 2017, while the contribution of the services sector has been increasing over the same period.”
“Though ADB remains the leading financial institution in agriculture financing in the country, its total credits to the agricultural sector has reduced over the last four years while the banks credit to the services sector has increased over the same period,” he added.