The Agricultural Development Bank (ADB) anticipates a closer collaboration with the new Development Bank Ghana (DBG) to promote its agenda of agribusiness financing. These revelations from the Deputy Minister were made evident at the inauguration of the nine-member reconstituted Board of ADB in Accra
Dr. John Kumah, the Deputy Minister of Finance disclosed that other areas for consideration under the proposed partnership will be tailored to address industry related medium and long-term financing challenges.
In the meantime, Dr. Kumah revealed that ADB will source professional technical support services to assist with projects domiciled between ADB and DBG.
“As espoused by the law establishing it, ADB is excited about the new DBG, in the true sense of its purpose that will, among other benefits, bridge the existing gap between commercial banking and Ghana’s developmental agenda.”
Dr. John Kumah
The Deputy Minister, while inaugurating the Board, admonished that the Bank should enact prudent measures to help increase the share of agriculture in the total loan portfolio from 28% to 50% by 2022.
The Minister further highlighted that the Bank has already initiated several measures to be able to achieve the aforementioned ‘rather ambitious objective’.
These measures include the creation of Agricultural Desks at 36 of the Bank’s branches. An achievement which is projected to cover all designated branches by 2022.
Additionally, Dr Kumah stated that the Bank restructured the then Agricultural Finance Department and created two departments. These are the Agricultural Value Chain Department with focus on financing primary agricultural production and the Agricultural Services Department with focus on financing value addition, agriculture marketing and agricultural infrastructure.
He also hinted that the government and the other shareholders of the ADB Bank expects the bank to remain focused on its primary commitment to agribusiness financing, while effectively managing risk to ensure that ADB remains robust in its growth and profitability.
Board Chairman’s submission
The Board Chairman, Daasebre Akuamiah Agyapong II expressed his sincere gratitude to President Nana Akufo-Addo for the confidence reposed in them to continue serving the Bank.
Daasebre Akuamiah Agyapong II, also used the opportunity to assure stakeholders of their commitment and dedication to move the Bank into greater heights.
“We are not only going to increase the bottomline, but together, we will be able to pay dividends to shareholders.”
Daasebre Akuamiah Agyapong II
Furthermore, Dr. John Kumah, expressed the hope that the benefits that would emerge from the collaboration between adb and DBG would help channel private investments into productive sectors, new technologies and help accelerate market efforts to achieve the Sustainable Development Goals (SDGs).
Notable among the Board members are, Daasebre Akuamiah Agyapong II, the Kwahuhene and the President of the KwahuTraditional Council serving as Chairman; Dr John Kofi Mensah, the Managing Director of the Bank as a member and Mrs Abena Osei-Asare, a Deputy Minister of Finance.
Other members are Madam Mary Abla Kessie, a lawyer, Mr George K. Abankwa-Yeboah; a Pharmacist and Mr Alhaji Habib Iddrisu, an Entrepreneur.
Also included are Mr Evron Rothschild Hughes, a Development Economist; Professor Peter Quartey; an Economist and Prof Eric Yirenkyi Danquah; a Plant Geneticist.
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