The Asantehene, Otumfuo Osei Tutu II, has commended the Board and Management of the Agricultural Development Bank (ADB), for refocusing on its core mandate of agricultural financing.
According to Otumfuo Osei Tutu 11, ADB, which was purposefully established to lend for the growth of the agricultural sector had for some years redirected its focus to other areas to the detriment of its core mandate.
The Asantehene made these remarks during a courtesy call on him by the Board and Management of the Bank at the Manyhia Palace in Kumasi in the Ashanti Region on Friday.
The Asantehene said, although the Bank was now focusing on the agricultural sector, the establishment of the National Development Bank (NDB) should help ADB to do more for the sector.
The Asantehene, expressed the hope that the NDB would be able to give ADB funds at lower interest rates for onward lending to farmers.
“Agriculture remains the backbone of our economy and the NDB should be able to give loans at lower interest rates to ADB for our farmers to easily access” he said.
The Asantehene said, most of the current government initiatives including 1D1F , Planting for Food and Jobs were all about agricultural development hence the need for all to empower ADB to continue doing more for the sector.
“I have watched the Bank in recent years and all the support its lending to the Government and the private sector for the growth of the agricultural sector but I know you are limited by funds so I will be an advocate at all forums for more funds to be given to you for the growth of the agricultural sector”, he added.
The Chairman of the Board of Directors at ADB, Lawyer Alex Bernasko said, ADB had since 2017 refocused its strategic direction to its core mandate of agricultural financing. He said the Bank had been a key partner to all government initiatives especially in the area of Agribusiness.
Lawyer Bernasko said the current Board and Management had succeeded in moving the Bank from loss making to profit making.
He expressed optimism that the trajectory would continue.
“We are working to ensure ADB becomes one of the topmost Banks in the country within the next few years,” he said.
According to Mr Bernasko, the Bank was complying with all Bank of Ghana directives on corporate governance and this had positively contributed to the success story of the Bank.
Other members of the team included the Managing Director, Dr. John Kofi Mensah, Mrs. Mary Abla Kessie, Mrs. Abena Osei- Asare, Mr. Kwabena Abankwah-Yeboah, Mr. Godwyll Ansah, Alhaji Alhassan Yakubu-Tali (DMD) and Mr. Leon Bannerman-Williams.
Source: MyPublisher24.com
