The Board of Directors of the Agricultural Development Bank (ADB) Plc has stated that the renewal of a $750,000 contract this month is not an unusual occurrence, but rather a routine procedure required for the bank to continue providing crucial and essential services.
In a statement, the Board stated that the contract was approved in accordance with established procedures, and that the directors were aware of the need of remaining professional in their roles.“The Board would like to assure its esteemed customers, shareholders, and the general public that it remains focused and it is effectively and professionally discharging its duties to safeguard the interest of all its stakeholders,”
The statement said.
The ADB Board was responding to media accusations that the bank had renewed a $750,000 contract late in December, while the transition to a new government was taking place.
According to the statement, the ADB’s Board of Directors claimed that dual oversight by the Bank of Ghana and the Securities and Exchange Commission assured that the board operated within the bounds of regulation.“As a company, ADB acts through its duly mandated corporate organs, including the Board of Directors.
“To ensure effective and efficient corporate governance and guarantee its continuous safe operation, the Board does not freeze or abdicate its responsibility after general elections.”
“The ADB Board, in the exercise of its duties, has granted approval for the renewal of some existing but expiring contracts to ensure continuous provision of critical services to the bank. Every contract renewal approved by the Board was within its authority and in furtherance of the objectives of the bank,” the statement emphasised.
