The Board of the Agricultural Development Bank (ADB) last week Friday  paid a working visit to the Ekumfi Fruits and Juice Factory in the Central Region.

The Board Chairman and the Omanhene of the Kwahu Traditional Area,  Daasebre Akuamoah Agyapong II disclosed that the Bank has so far disbursed in excess of over GH¢ 100 million to 17 companies under the ‘One District One Factory (1D1F) initiative in the areas of agro-processing, aquaculture, and poultry.

“As a Bank, with the focus on agribusiness, we will continue to fund 1D1F initiative, mainly through the out-grower schemes to help industries to operate at full capacities and create more jobs.”

“The visit by the new Board of Directors is part of our commitment to get first-hand information on how loans disbursed to companies are being used and to further strengthen our relations with the cherished customers.”

He said through the Farm Direct Limited of the bank the Ekumfi Juice Factory, has had a constant supply of raw materials to produce healthy Ekujuice and created 1,000 jobs within its catchment area.

“I wish to state that Farm Direct Limited is of unique interest due to our out-grower scheme project funded by the bank to support Ekumfi Juice Factory,” Daasebre Akuamoah Agyapong stated, adding that; “We have identified the out-grower scheme as a reliable way of supporting our industries with raw materials under the government’s 1D1F.”

He said the out-grower scheme also helped to create jobs in the local communities to curb the rural/urban migration menace.

The Board Chairman expressed gratitude to the previous board, especially for supporting the scheme and the Farm Direct for applying the funds for the purposes that it was intended for, saying; “We have seen what they are doing over here and we are happy that the funds have not been misused.

The Managing Director of the Bank Dr. John Kofi Mensah in a brief remark commended the Company for the judicious use of funds which had led to the cultivation of about One Thousand acres of land for pineapple production to feed the factor.

He disclosed that the Bank has also funded the purchase of ten tractors, two bulldozers, two delivery trucks, and a trailer to further assist the company in its operations.

Dr. Kofi Mensah urged Ghanaians to patronize the products of the company and also advised the company to meet local demand before thinking of export.

Mr. Frederick Kobbyna Acquaah, the Director of Operations of the Ekumfi Fruits and Juices Limited in a welcoming address expressed gratitude to the ADB for channeling funds through the Farm Direct Limited to support farming in the enclave to grow fruits and supply the raw material needs to the factory in a sustainable way.

He said the bank’s support had helped the factory to process 200,000 fruits per day and that would let Ghanaians see the Ekumfi juice on all shelves, homes, and outside the country.

“Pineapple is our base, but pineapple alone is boring. Our pineapple plus ginger received a lot of commendations. Our vision in itself appears in our name, the company name Ekumfi Fruits and Juices Limited. So what it means is that we deal with fruits generally and we are doing the mixes. What we have here are multifruit processors. Ekumfi have been associated with quality and that is what we want to maintain and hold,” the Operations Officer said.

Mr. Acquaah said the company would like to have long hall relations with the ADB to venture into the production of a variety of fruit juices, and that the capacity of the factory was 10 tons per hour, for a shift.

“Mr. Chairman, supporting Ekumfi Fruits and Juices Limited has helped create jobs in the area and an expansion of this means expansion of job creation and all of this is giving meaning to the slogan of the ADB ‘Truly Agric and More.’”

The new Board of Directors of the Agricultural Development Bank Limited (ADB) have been sworn into office with the charge to continue with its core mandate of agricultural financing.

At a ceremony at the Ministry of Finance, a Deputy Minister of Finance, Dr. John Kumah, commended the previous board for refocusing the bank on its core mandate of agricultural financing and is optimistic the new board will continue with the vision of making the bank the best for agribusiness financing in the country.

The nine-member board is chaired by Daasebre Akuamoah Agyepong II, Omanhene of the Kwahu Traditional Area with Dr. John Kofi Mensah (Managing Director),  Alhaji Habib Iddrisu, Prof. Eric  Yirenkyi Danquah, Abena Osei-Asare, Prof. Peter Quartey,  George Kwabena Abankwah-Yeboah, Evron  Rothschild Hughes and Madam Mary Abla Kessie as members.

“With the coming in of the National Development Bank, ADB will get more funds for medium and long term agricultural financing programs and I’m sure this will help increase the banks’ portfolio in the sector,” he said.

According to the Deputy Minister, ADB is well-positioned to assist the National Development Bank equally fulfil its mandate of providing long term loans for agribusiness financing to ensure food security and create wealth for Ghanaians.

“ADB has since 2017 remained a key partner to government initiatives such as the Planting for Food & Jobs, Rearing for Food & Jobs and also the novel  One District One Factory initiative and I wish to commend the Bank for such a support,” he said.

The new Board Chairman, Daasebre Akuamoah Agyepong II on behalf of the members, thanked the president, Nana Addo Dankwa Akuffo Addo, and other shareholders for the opportunity to serve as directors on the ADB board.

He pledged the determination of the board to work assiduously so that the bank can start paying dividends to the government, whiles ensuring it focuses on agricultural financing.

“We are going to work hard to ensure we continue to improve on the financial performance of the bank so we can pay dividends to shareholders, he said.

The Agricultural Development Bank Limited (ADB) is to provide funding support to the Accra Anglican Dioceses for the development of a rubber plantation project.

The project to be located on a One Thousand (1000) Acres land at Assin Nsuta in the Central Region is expected to create jobs and add about 1,535 metric tons of raw wet cup lumps annually to the rubber industry in the country.

Speaking during a courtesy call on the Management of the Bank, the Lord Bishop of The Anglican Diocese of Accra, Rt. Rev. Dr. Daniel Sylvanus Mensah Torto said the initiative was part of the Church’s Five (5) pillars of existence and operations.

“To achieve this aim, the Anglican Diocese of Accra has developed a rubber plantation project which seeks to ensure financial sustainability of the church and also serve as an avenue of growth for its congregants and the nation at large,” he said.

Bishop Torto further indicated that the initiative was part of the effort by the Church to also take advantage of the several government initiatives including the One District One Factory and the Planting for Export and Rural Development.

According to the Anglican Bishop of Accra, the decision to approach the Bank was because of its renewed focus on the Agricultural sector and the wealth of experience in the rubber industry, which the Bank has financed over the years.

Bishop Torto said the Church has already identified the land and financing would be required for land development, procurement of inputs hence their decision to approach the Bank.

In his remarks the ADB Managing Director, Dr.  John Kofi Mensah commended the Church for the initiative to venture into tree crop plantation especially Rubber to ensure financial sustainability and create jobs for its members.

“This initiative is highly commendable and an indication of the preparedness of the Church to also contribute to National Development,” he said.

Dr. Kofi Mensah indicated that with years of experience in financing the Rubber Plantation project the Bank had already started deliberations with the Out-grower Value Chain Fund (OVCF) to workout modalities to procure concessionary loan to support the project.

The Managing Director said due to long lasting relationships with notable religious bodies such as the Anglican Church; we are comfortable to support the church to positively contribute to the socio-economic development of the country ,” he said.

According to Dr. Kofi Mensah, the Bank has a wealth of experience in rubber plantation financing in the Western, Western-North, Central, Eastern and Ashanti regions since 1995 providing livelihood for over ten thousand outgrower farmers.

 

 

Data from the financial statements of about 60% of banks in the country for the first half of the year 2021, shows promising increases in profits for some and some slowdown in profit growth for others.

This can be gleaned from the Summary Statements of Comprehensive Incomes of 13 of Ghana’s top banks covering January to June 2021, after a year in which COVID-19 ravaged all aspects of the economy.

ADB, out of the 13 banks reviewed by Citi Business News, saw an increase of about 80% in its profit after tax, the highest jump so far from the first 6 months of 2020 when compared to the same period in 2021.

The bank ended the first half of 2020 and 2021 with profits of about GHS30.96 million and GHS55.7 million respectively.

The next bank to see high growth in its profits was the Republic Bank Ghana, which saw its profit increase by about 77%, rising from about GHS24 million by the end of June 2020 to about GHS43 million in 2021.

A bank like Ecobank Ghana with one of the largest asset bases in the banking sector saw profits further improve by about 28% in the period under review, from almost GHS 250 million to a little over GHS 320 million in 2021.

GCB Bank’s profit after tax for the period under review also increased steadily by about 25% from about GHS182 million in 2020 to about GHS227 million in 2021.

Other banks like Standard Chartered, GT Bank, Fidelity Bank and Access Bank also saw profits soar, but by below 20 percent in the first 6 months of 2021 when compared with the same period in 2021.

Standard Chartered Bank for example saw its profits jump by about 19 percent from GHS 208 million in 2022 to about GHS 248 million in 2021. Some of the banks reviewed however saw very marginal growth in profits while one recorded a loss.

Even though its profit numbers were still strong in the first half of 2021, over GHS67 million, SG-SSB Bank still saw its profitability wane slightly, growing by about 3 percent from about GHS65 million in 2020.

UBA Bank on the other hand saw negative profit growth, recording a profit after tax from January to June 2021 of GHS82.4 million, a drop from the GHS93.5 million recorded in the previous year. OmniBsic Bank meanwhile recorded a loss of GHS11.7 million.

Overall, the Central bank in its assessment of the banking sector performance for the first 6 months in 2021 stated that performance of the reflected sustained growth in total assets, investments and deposits. Total assets increased by 17.2 percent to GH¢162.9 billion, on account of strong growth of 28.8 percent in investments in government securities to GH¢75.7 billion.

Profit before tax accordingly increased by 32.1 percent to GH¢3.6 billion, higher than the growth of 14.0 percent a year ago. Total deposits recorded a year-on-year growth of 22.5 percent to GH¢110.3 billion on the back of strong liquidity flows.

Overall, the impact of the pandemic on the industry’s performance has been moderate, according to the Bank of Ghana’s Monetary Policy Committee press release in July 2021. According to that release, pre the financial soundness indicators, the banking sector has remained solvent, liquid, profitable and well-capitalized. Source: Citibusinessnews.com

 

The Asantehene Otumfuo Osei Tutu 11 has commended the Board and Management of the Agricultural Development Bank PLC (ADB)  for refocusing on its core mandate of agricultural financing.

According to him , ADB which was purposefully established to lend and support the growth of the agricultural sector had for some years redirected its focus to other areas aside its core mandate.

The Asantehene made these remarks during a courtesy call by the board and management of the bank at the Manyhia Palace on Friday.

 

The Asantehene said though the Bank was now focusing on agricultural sector, the establishment of the  Development Bank Of Ghana (DBG) should help ADB do more for the sector.

According to the Asantehene, he was hopeful the DBG will be able to give ADB funds at lower interest rates for ADB to give to farmers.

“Agriculture remains the backbone of our economy and the DBG 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 like 1D1F, Planting for Food and Jobs etc 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 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 has since 2017 refocused its strategic direction to its main mandate of agricultural financing.

He said the bank has been a key partner to all government initiatives especially in the area of agribusiness.

Lawyer Bernasko said the current board and management has succeeded in moving the bank from loss making to profit making and was optimistic the trajectory will continue.

“We are working to make sure ADB becomes one of the topmost banks in the country within the next few years,” he said.

According to Lawyer 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, Mary Abla Kessie, Abena Osei- Asare, Kwabena Abankwah-Yeboah, Godwyll Ansah, Alhaji Alhassan Yakubu-Tali (DMD) and Mr. Leon Bannerman-Williams and staff from the Ashanti Area Office of the Bank.

The Agricultural Development Bank (ADB) has been awarded the One District, One Factory (1D1F) Financial Service Provider of the Year at the 2021 Ghana Manufacturing Awards (GMA), held at the Kempinski Hotel, Gold Coast City in Accra.

The honour affirms the bank’s support to businesses under the government’s flagship industrialisation programme which seeks to build or revamp a factory in each District in the country for sustainable job creation and also to take advantage of the Africa Continental Free Trade Agreement.

Since the launch of the initiative in 2017, the bank has supported about 20 companies with a total amount of over GH¢100 milion in the areas of agro processing, aquaculture, poultry, construction and manufacturing.

The beneficiary regions include, Bono, Ashanti, Greater Accra, Eastern, Volta and Central region with the highest beneficiary industries being in the areas of agro processing and the poultry industry.

The Managing Director, Dr John Kofi Mensah expressed his excitement about the awards and said the bank was ready to support companies with all the needed financial support especially in the area of agribusiness.

“Being an agribusiness focused Bank, we take particular interest in the area of agribusiness and since it is an area that goes beyond just job creation but also food security, he said.

Dr. Kofi Mensah said, the bank has a dedicated desk for the 1D1F programme and all proposals were properly scrutinized to ensure the companies and the projects to be embarked on were sustainable and will create jobs for the youth.

“We are proud to be the winner of this award, we have been a key supporter of 1D1F since its inception and this award goes to show that our efforts have been duly recognised, we dedicate this award all our customers who continue to show that with the right financial support, economic growth is guaranteed”.

“To the businesses who think they are unable to access support for growth and expansion, ADB is here for you. This award indeed shows that we are the bank ready to support industrial growth,” he said.

The awards programme, which was on the theme: ‘Leveraging on AfCFTA; the role of 1D1F’, saw 28 outstanding companies and individuals from different sectors awarded for resilience, transformative initiatives and excellent. Seven others were also honored with special awards.

Minister of Trade and Industry, Alan John Kyerematen, in a speech read on his behalf as the guest of honour, stated that government’s comprehensive industrial transformation programme, initiated since 2017, is on course to making the country a leading manufacturing hub in Africa.

He indicated that 232 1D1F factories in 154 districts are at various stages of implementation, which includes 64 existing companies that are in expansion and 162 new companies. “Projects operating under 1D1F-76, under construction-107, ready to commence construction-36,” he added.

The Managing Director , Dr. John Kofi Mensah has been inducted into the Chief Executives Network Hall of fame at the just ended 5th  Ghana CEO’s Network Summit held in Accra.

The induction into the Hall Fame is in recognition of Dr. Kofi Mensah’s significant contribution to the Ghanaian Banking sector and his leadership role in helping move the country forward through innovative and proactive initiatives which has led in building strong resilient companies.

The CEO’s Summit was attended by over 400 high level Decision Makers, Business Leaders, Entrepreneurs and Chief Executives with the Vice President of Ghana, His Excellency Alhaji Dr. Mahamudu Bawumia being the Special Guest of Honor.

Since assuming office in 2017 as the Managing Director of ADB, the Bank has witnessed a progressive growth in its financials from loss making to profit making with more digital innovation products and brand network expansion.

Under the leadership of Dr. Kofi Mensah, the Bank registered a profit after tax of GH¢65 million, approximately 341% year-on-year growth for last year. The balance sheet size of the bank as at the end of December last year was GH¢10.5 billion as against GH¢8.3 billion in 2019.

The Bank has also refocused to its core mandate of agribusiness financing by dedicating half of its total loan portfolio to agricultural related businesses.

The Bank last year announced a 500 million Ghana Cedis Broiler Value Chain to help revive the Ghanaian Poultry Industry and significantly pre-financed the purchase of outboard motors for stakeholders in the fishing sector.

ADB has been a major partner on government key projects including One District One Factory, Planting for Food and Jobs, Rearing For Food and Jobs etc.

The induction into the Chief Executive’s Network Hall of Fame adds up to several recognition won by Dr. Kofi Mensah for his sterling leadership within the Ghana Banking Industry.

The Agricultural Development Bank (ADB) has presented a total of 150 bags of sugar and 150 bags of rice to theMuslim community in support of this year’s Ramadan.

Presenting some of the items to the National Chief Imam, Dr. Sheikh Osmanu Nuhu Sharubutu at his residence, the Deputy Managing Director of the Bank, Alhaji  Alhasaan Yakubu-Tali said the donation formed part of the Bank’s Corporate Social Responsibility (CSR) to the Muslim community.

Associating ourselves with the holy month of Ramadan by donating food items and cash to the National Chief Imam, the Police Mosque and other key Muslim groups is an appreciation of the mutual beneficial relationship between the Bank and Muslims,” he added.

Alhaji Yakubu-Tali said the month of Ramadan represented a period where Muslims intensify the existing practice of alms giving, feeding of the poor and the needy, with the hope of Allah’s mercy and blessings.

“We appreciate the contributions of the Muslim Community towards the success of the bank and this donation will further strengthen the relationship formed over the years.”

Receiving the items, the National Chief Imam, Dr. Sheikh Osmanu Nuhu Sharubutu expressed his profound gratitude to the Bank for the kind gesture and prayed to the Almighty for blessings and more success stories for the Bank.

According to the National Chief Imam the mutual co-existence between the Muslim Community and other religious group

He also urged all Muslims to observe and maintain peace throughout the Ramadan period.

ADB FIN STATEMENT – MARCH 2021

Mr James Obeng Boateng, a 60-year old Farmer from Nkoranza in the Brong Ahafo Region has been crowned the National Best Farmer for 2018.

He was decorated by President Nana Addo Dankwa Akufo-Addo assisted by the Minister for Food and Agriculture, Minister for Fisheries and Aquaculture and the Managing Director of the Agricultural Development Bank (ADB) at the 34th National Farmers’ Day in Tamale on Friday and for his prize, Mr Obeng Boateng was presented with a cheque for GHȼ 480,000.00, being sponsorship package from the Agricultural Development Bank.

Mr Obeng Boateng, who is married with six children, has employed 102 people on his farms, spread across the Brong Ahafo Region, cultivating several hundreds of acres of roots and tubers, maize, cocoa, plantain, vegetables, as well as rearing goats, sheep and poultry amongst others.

Madam Charity Akotia, a 58-year old Farmer from the Central Region emerged First Runner up and took a Turbo Tractor as her prize.

She owns a 30-acre cocoa farm, 31 acre coconut farm and a total of 35 acres of plantain, cocoyam, sugarcane, cassava and vegetables farm.

Mr Alex Frempong Tenkorang, a 60-year old Farmer from Afram Plains was the second Runner up and received a double cabin pick-up from Stanbic Bank, amongst other packages.

In all, a total of 72 farmers were rewarded, including Regional Best Farmers for each of the 10 regions, the National Best Farmer for various categories including Cocoa, Cashew, Livestock, Fish Processor, Aquaculture, Marine, Inland, and National Best Youth Farmer.

President Nana Akufo-Addo, in an address, said the government would procure equipment and machinery worth 116 million dollars next year to revive the 168 existing Agricultural Mechanization and Services Centres across the country as well as establish new ones.

He said the machinery would be used for land preparation, planting, harvesting and processing of produce as part of efforts to mechanize agriculture in the country for increased production.

He said government was also constructing 80 new warehouses across the country, each with a capacity of 1,000 metric tonnes to help store the anticipated high yields as a result of heavy investment in agriculture this year.

He also assured that the construction and rehabilitation of various dams and dug-outs would continue next year to ensure all-year-round agricultural production, adding that, 100 acres of land would be put under irrigation as a result of the programme.

President Nana Akufo-Addo also spoke about the fisheries sector, saying the Aquaculture for Food and Jobs programme would be implemented next year to complement the Planting for Food and Jobs programme to improve the fishing industry in the country.

He said government’s interventions so far showed that it was on course to realizing its vision for the agricultural sector and helping the country beyond aid.

Source: GNA

The Agricultural Development Bank( ADB) hosted a special welcome cocktail to celebrate all award winners for this year’s Farmers’ Day National Award of which, Mr. James Obeng Boateng emerged the ultimate winner.

The welcome cocktail was held at the forecourt of the Northern Regional Minister’s residence in Tamale and ADB used the occasion to reinforce its commitment to the spearheading of agricultural financing in the country.

Speaking at the ceremony, Managing Director of ADB, Dr. John Kofi Mensah indicated that 2019 will be an exciting year for Farmers and Fishers in Ghana.

He said that the Bank had succeeded in strengthening its commitment to its core business of agricultural financing and has therefore established the Agricultural Value Chain department and also established agricultural desk in some of its branches.

“Our commitment to the agriculture sector will be higher next year than this year especially to the governments flagship programme of One District One Warehouse and also Planting for Food and Jobs”, he said.

Dr. Kofi Mensah said the commitment of the Bank to the National Farmers’ Day celebration was a major aspect of the Bank’s Corporate Social Responsibility to the good people of Ghana.

“Our sponsorship which continues to be One Hundred Thousand United State Dollars and the hosting of the cocktail and the National Farmers’ Forum is a clear indication of the importance the Board and Management attaches to the celebration of the National Farmers Day.

The Minister of State at the Ministry of Food & Agriculture, Hon. Dr. Gyiele Nurah commended ADB for showing commitment towards the National Farmers’ Day celebration and urged the award winners to patronize the products and services of the Bank.

He further urged other organizations to emulate the good example of ADB and also invest in the growth of the Ghanaian Farmer and Fisher.

The Welcome Cocktail in celebration of the Farmers’ Day Award is part of other events that precede the main Farmers Day event. The award winners commended ADB for its support towards the National Farmers’ Day Celebration and for also fulfilling their promise each year.

 

NOTICE IS HEREBY GIVEN THAT there will be an Extra-ordinary General Meeting of Agricultural Development Bank Limited (the “Company”) to be held at the British Council, Accra at Eleven O’clock in the forenoon (11.00 am) on Thursday, 20th December, 2018 to transact the following business:

 

AGENDA

ORDINARY BUSINESS

  1. To pass a resolution dispensing with the statutory notice for general meeting.
  2. To ratify the appointment of Directors.
  3. To approve Directors’ remunerations.
  4. To ratify the appointment of Ernst & Young as Auditors
  5. To authorize Directors to fix the remuneration of the Auditors for the year 2018.

 

SPECIAL BUSINESS

  1. To authorize Directors to increase the stated capital of the Company to meet the new minimum capital requirement of GHS 400,000,000 set by the Bank of Ghana, through a renounceable rights issue to raise, in the minimum, GHS 383,000,000 subject to applicable regulatory approvals, and to use other capital raising methods to raise the needed capital to cover any shortfall that may result from the rights issue
  2. To authorize the conversion of a subordinated debt of GHS150, 000,000 owed the Bank of Ghana into equity as part of the capital raising process.
  3. To authorize Directors, subject to applicable rules, to determine the modalities of the renounceable rights issue.

 

NOTE:

A Member who is unable to attend the General Meeting is entitled to appoint a proxy to attend and vote on his/her behalf. A proxy need not be a member.

A proxy form is attached herewith to enable you exercise your vote if you cannot attend. The form should be completed and deposited at the Company’s Registrars, Central Securities Depository at Cedi House, Liberia Road, Accra, or at the Company’s Registered Office at Accra Financial Centre, 3rd Ambassadorial Development Area, Ridge-Accra.

Proxies may be deposited at the addresses indicated herein at any time during working hours prior to the commencement of the meeting in accordance with the Company’s Regulations.

All relevant documents in connection with the meeting are available to shareholders from the date of this notice on the Company’s website (www.agricbank.com) and at the Company’s Registered Office aforesaid.

 

Dated this 11th day of December 2018.

 

JAMES. K. AGBEDOR

COMPANY SECRETARY

BY ORDER OF THE BOARD

ADB 2018 Notice of AGM Circular (3) Please access the full circular here.

The Agricultural Development Bank (ADB) has donated an amount of One Hundred Thousand Ghana Cedis (GH¢100,000.00) to the Ghana Journalists Association (GJA) as sponsorship towards the 23rd GJA Awards ceremony.

The presentation was done at the ADB Head Office in Accra by the Managing Director (MD), Dr. John Kofi Mensah, in the company of other high-profile executives of the bank.

In his address, the Dr. Mensah commended the GJA for consistently providing the necessary platform for hard-working journalists to receive recognition for their originality and creativity.

He applauded the Ghanaian media for spearheading, in their own special way, the socio-economic development of the country, adding that “through the contribution of the media, our democracy has become an example for the rest of Africa to emulate.”

He also attributed the economic development of Ghana to the remarkable roles played by the media.

He said: “Through the media, various companies and institutions are able to disseminate information about their products and services to customers using print, radio, TV and social media platforms.”

He indicated that following years of enjoying a good relationship with GJA, the donation was to strengthen the already strong bond that exists between the two parties adding that ADB would continue to support the GJA in all its endeavours.

“. . . We hope that the GJA will come up with programmes and activities which will be tailored towards educating the Ghanaian public on the financial sector, including agricultural related issues”, he stated.

He stressed that management and staff of ADB are focused and committed to the development of the agricultural sector in the country.

President of the GJA, Dr. Affail Monney, on behalf of the association, expressed its immense gratitude to ADB for the gesture.

He indicated  that when some banks are folding up and others are dodging donations, ADB has stood tall in donating what he described as a “gargantuan amount” to aide this year’s awards.

He assured ADB of the continuous cooperation and support from the Association in the future.

Present at the ceremony were the Deputy Managing Director of the Bank, Mr. Alhassan Yakubu-Tali, Chief Finance Officer, Mr.  Joseph Nii Adjei, General Counsel of ADB, Maxwel Amoakohene, Mrs. Sylvia Nyanteh and some GJA Executives.

THE MANAGING DIRECTOR OF ADB , DR. JOHN KOFI MENSAH AND OTHER EXECUTIVES OF ADB PRESENTING A DUMMY CHEQUE TO THE GJA EXECUTIVES

PRESS RELEASE

 

July 17, 2018

 

ADB ANNUAL GENERAL MEETING POSTPONED

The Board and Management of the Agricultural Development Bank (ADB) wishes to inform all shareholders and the general public that the Banks Annual General Meeting scheduled for tomorrow Wednesday 18th July 2018 has been postponed until further notice.

The postponement has become necessary due to the order from the Bank of Ghana dated July, 16, 2018 concerning certain shareholders of the bank.

We wish to assure all our customers that the decision of the Bank Of Ghana does not affect our business operations as all our 78 Branches are opened for business from 8:00am-5:00pm.

A new date for the AGM will be announced later.

 

Issued by The Company Secretary

Forty-Seven more branches of the Agricultural Development Bank (ADB) will from July 2,  2016 provide Saturday banking services in all 10 regions in the country.
This according to management is part of efforts to provide expedient, accessible and comfortable banking services to its customers.
Already 13 branches provide this service and the inclusion of the 47 brings the total to 60 the number of branches engaged in Saturday banking business.
In a statement the Bank stated that  branches which will begin Saturday Banking includes: Greater Accra: ADB House Makola , Tema Main , Tema Meridian, Achimota, Ridge, Spintex , Kokordzor, Mankoadze  , Osu , Tema East (Ashaiman) , Adabraka, Gulf House, Nima,Teshie and  Accra New Town, Northern region: Aboabo, Yendi , Western region: Agona Nkwanta , Takoradi, Sefwi Wiawso, Brong-Ahafo Region, Sunyani , Berekum, Techiman, Dormaa Ahenkro, Upper West: Wa, Upper East: Bolgatanga , Bawku ,Navrongo.
Branches in other regions includes , Central Region : Cape Coast , Assin Fosu , Mankessim, Volta Region : Ho , Hohoe , Kpando , Denu, Sogakope, Nkwanta, Eastern Region, Nkawkaw , Suhum, Ashanti Region:  Adum, Nyiaeso, Kumasi Market , Bekwai , Obuasi , Prempeh II Street,  New Edubiase and Ejisu (Sunday).
Branches will be operating from 9:00 am to 2:00 pm except for the first Saturdays of the month (National Sanitation Day) with opening hours being 11:00am to 3:00 pm. The Bank commenced Saturday banking many years ago with 13 branches.
According to the Managing Director, Mr. Daniel Asiedu the expansion of the Bank’s Saturday Banking is in response to “new business opportunities and the wish of management to satisfy the Bank’s customers across the country”
“We want to ensure that both our existing and prospective customers enjoy the best banking services at all times hence our decision to increase the number from the present 13 to 60,” he said.
He further disclosed that from 4th July this year the Bank has also extended its Monday-Friday opening duration from 8:00am to 5:00pm.

Accra, 09th December 2016 – The Agricultural Development Bank Limited (“ADB”) would like to announce the successful completion of its Initial Public Offer (“IPO”).The public share offer of ADB (the “Offer”) consisted of:
1. a sale of 69,326,036 existing ordinary shares of no par value at GHS 2.65 per share (the “Offer Price”);
2. an offer for subscription of 75,471,698 new ordinary shares of no par value at GHS 2.65 per share issued and fully paid; and
3. a listing by introduction of 86,125,488 existing ordinary shares (collectively “the ADB Shares”) on the Ghana Stock Exchange
ADB had on offer a total of 144,797,734 ordinary shares of no par value at a price of GHS 2.65 per share. The Offer period ran from 24 November, 2016 to 05 December, 2016. The proceeds raised from the Offer was the sum of GHS 325,784,952.70 relative to the expected proceeds of GHS 383,713,995.10 and thereby represents an 84.90% subscription level. The ADB IPO is one of the largest IPOs ever undertaken on the Ghana Stock Exchange and demonstrates the continued development of the Ghanaian public markets.
In total, 405 applications were made for shares in the IPO (the “IPO Shares”) with majority of the applications, by number, being made by Ghanaian retail investors.

Exhibit 1: Offer Statistics by Applicant Type

Allotment and Refunds
All successful qualifying applicants received the number of shares they applied for, with the exception of two retail applicants who will receive refunds totaling GHS 205,878.50. Refunds to these two retail applicants will commence no later than 12 December 2016.
All successful applicants with Central Securities Depository (“CSD”) accounts will have their CDS accounts credited with their allotment by 5:00pm 09 December, 2016.
Successful applicants without a CSD account will be mailed a Letter of Allotment from 12 December, 2016 which they can present to any Licensed Dealing Member of the Ghana Stock Exchange to dematerialise onto the CSD. The first day of trading of the ADB shares is expected to be 12 December 2016.
IC Securities (Ghana) Limited acted as Sole Financial Advisor and Lead Sponsoring Broker in respect of the ADB IPO. NTHC Securities acted as co-sponsoring broker in respect of the ADB IPO.
ADB wishes to use this opportunity to thank all stakeholders and the general public for ensuring a successful transaction.

The Chief Risk and Compliance Officer at Agricultural Development Bank (ADB), Mr. Bernard Appiah Gyebi has commended both new and existing customers for their participation in the bank’s “deposit and win” promotion.
At a presentation to the third batch of top 10 depositors, the Chief Risk and Compliance Officer at ADB, Mr. Bernard Appiah Gyebi commended the winners for their interest in participating in the promotion.
“The interest shown by customers has been impressive and to ensure that nobody is left out we have extended the promotion to the end of March,” he said.
The “deposit and win promotion” which was launched in October  last year was aimed at rewarding both existing and new customers with amazing gifts ranging from air time , sleek smart mobile phones, ADB Branded souvenirs, 42 and 32 inch LED television.
“At ADB we believe everyone is a winner and this promotion is our way of thanking both our existing and new customers for doing business with us,” he said.
According to Mr. Gyebi the promotion also aims at inculcating into the Ghanaian the habit of saving.
He urged both new and existing customers to keep on depositing to increase their chances of winning the 32 and 42 inch LED television set in the grand draw.
Mr. Wang Yu, an award winner thanked the bank for the prize and urged the general public to cultivate the habit of saving.
“We should save no matter how small the amount for a better tomorrow,” he said.

Marketing and Communications Department
(Feb-15-16)

Mr. Daniel Asiedu has been appointed the Managing Director of Agricultural Development Bank Limited (ADB) with effect from 1st March 2016.
Mr. Asiedu , a seasoned Banker and Financial Specialist brings on board his rich experience in the banking industry having been at the helm of affairs of Zenith Bank in Ghana as the Managing Director for over a period of six (6) years and served the Zenith Group for over a period of sixteen years.
A Chartered Accountant by profession with about twenty (20) years working experience, he has extensive expertise in auditing, business consulting, general banking, financial management and investment. His working experience ranges from Pricewaterhouse Coopers, Zenith Bank Plc, Volta River Authority (VRA) and Standard Trust Bank Ghana Ltd (now UBA (Gh.) Ltd).
He holds a Bachelor’s degree in Mechanical Engineering from the University of Ibadan, Nigeria and an Executive Masters degree in Business Administration (Finance Option) from the University of Ghana. Daniel has also attended many courses both locally and internationally including Executive Management courses at Harvard Business School, Columbia University, The Wharton Business School (University of Pennsylvania), Stanford Graduate Business School, Kellogg School of Management, INSEAD and Euromoney Training.
He takes over from Mr. Stephen Kpordzih.

Nana Soglo Alloh IV

Marketing and Communications
(Feb-19-16)

Accra, 25th February 2016 – The Agricultural Development Bank Limited (“ADB” or the “Company”) announces that the Securities and Exchange Commission has granted the Company an extension (the “Extension”) to its Initial Public Offer (“IPO”) Offer Period which was supposed to have ended on 26 February, 2016. As a result of the Extension, the Offer Period will now end on 24 March, 2016.

The revised Offer timetable is as follows:

…..

 

Shares can be bought at any ADB branch, any Standard Chartered Bank (“SCB”) branch, IC Securities (Ghana) Limited or any Licensed Dealing Member (“LDM”) of the Ghana Stock Exchange (“GSE”). Further details on the IPO are contained in the Offe r Prospectus which can be obtained from any ADB branch, any SCB branch, IC Securities (Ghana) Limited, any LDM of the GSE or www.adbipo.com.

Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you. Their value can go up as well as down. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.

 

Marketing & Communications
(Feb-25-16)

 

Accra, 11th January 2016 – The Agricultural Development Bank Limited (“ADB”) announces that the Board of Directors of ADB (the “Board”) received a letter on 8 January, 2016 from the Managing Director of ADB stating his decision not to seek an extension to his contract which expires on 31 January, 2016.

The Board has accepted the Managing Director’s decision not to seek an extension to his contract and is in the process of seeking his successor. ADB will make further announcements as required, in accordance with all applicable laws and regulations.

ADB wishes to reiterate that its Initial Public Offer (“IPO”) process continues as planned, per the previously announced timetable below:

……

 

Shares can be bought at any ADB branch, any Standard Chartered Bank (“SCB”) branch, IC Securities (Ghana) Limited or any Licensed Dealing Member (“LDM”) of the Ghana Stock Exchange (“GSE”) at GHS 2.65 per share. Each application under the IPO must be for a minimum of 100 ADB Shares amounting to GHS 265.00 and in multiples of 10 ADB Shares thereafter. A number of investors, who may each subscribe to more than 10% of ADB’s ordinary share capital, are conducting additional due diligence on ADB, including a review of ADB’s full year 2015 financials. If the additional due diligence results in a change in the Offer Price, a public announcement will be made, in accordance with all applicable laws and regulations, and all subscriptions will be adjusted to reflect the new Offer Price.

Further details on the IPO are contained in the Offe r Prospectus which can be obtained from any ADB branch, any SCB branch, IC Securities (Ghana) Limited, any LDM of the GSE or www.adbipo.com.

Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you. Their value can go up as well as down. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.

ISSUED BY AGRICULTURAL DEVELOPMENT BANK LIMITED

Marketing & Communications
(Jan-11-16)

Agricultural Development Bank Limited (ADB) has presented knapsack sprayers and other assorted prizes including farming working materials to the winners of the ADB Cocoa Akuafo Abasobo Savings Promotion.

The promotion which was in partnership with the German and International Development Cooperation   (GIZ) was targeted at Cocoa farmers in the areas of Brekum, Dorma, New Edubiase, Kade and Akim Oda in the Ashanti, Brong Ahafo and Eastern Regions who were part of the GIZ-COCOBOD Farmers Business School Programme.

The savings promotion was instituted in November 2014 to June 2015 was meant to reward specifically Cocoa Farmers under the GIZ-COCOBOD programme by encouraging them to improve their savings culture whiles earning the opportunity to win prizes.

Farmers who opened accounts during the period of the promotion were rewarded instantly with assorted ADB souvenirs and the 10 highest savers at the end of the promotion qualified to win knapsack sprayers. Other consolation prizes were given to over 100 cocoa farmers who also participated in the promotion.

At a ceremony to present the prizes to the farmers in Kade, the Executive Head of Agric Finance of ADB, Sylvia Nyante, said “the promotion was designed to help Cocoa farmer’s to save money for investments into their cocoa farms and also have access to loans and other wide range of services from ADB specifically for farmers”.

“The Promotion was not a game of chance but a way to simply reward any graduate farmer of the GIZ-COCOBOD Business School who opens an account with ADB” she explained.

Sylvia Nyante described the promo as successful and the interest shown has led to the re-commencement of the promo from the end of 2015 to 2016.

“ADB is delighted with the participating farmers from the GIZ-COCOBOD Business School in the promo and farmers have also expressed the benefits they have derived and we would like to use this opportunity to re-launch the ADB Cocoa Akuafo Abasobo Savings Promo with improved prizes next year”, Mrs Sylvia Nyante announced.

Chairman of the Kade Cocoa Farmers Association, Emmanuel Kofi Bonnie expressed gratitude to ADB for the promotion. “Looking at the amount of money some of us have saved with ADB and the prizes we have won it is very overwhelming what ADB has done. This gesture is really inspiring and has encouraged us to save with ADB”.

THE COMMUNICATIONS UNIT
(Oct-13-15)

ADB Supports Ridge; 37 Military Hospitals with GH₵100,000 To Help Flood & Fire Disaster.

The Agricultural Development Bank Ghana Limited (ADB) has made a cheque donation of GH₵100,000 to the Ridge and 37 Military Hospitals to assist them in the delivery of medical care to victims of last Wednesday’s floods and fire disaster.

The two health institutions were given GH₵50,000 apiece at a separate event Friday. Executive Head of Corporate Banking, Edward Armah-Mensah, in presenting the cheques said the bank was moved by the tragic incident that hit the country and as part of their corporate social responsibility, decided to support the hospitals with the above mentioned amount.

“As you all know in the last few days, we have been hit with a national crisis and we are here to contribute our widow’s mite. For this reason, we present a cheque of 50,000 in aid of the victims of the floods and fire incident”, he noted in his presentation at the Ridge and 37 Military Hospitals respectfully.

He added “in times of this, it is most important that we demonstrate that commitment to Ghana”.
Col. Mercy Yelbert, a Matron at the 37 Military Hospital who received the cheque on behalf of the health institution thanked the bank for coming to their aid at that critical hour.

“This money will go a long way to help us take very good care of the many people who we have admitted to this hospital as a result of the incident that happened three days ago”, she said.

She therefore, expressed the belief that other institutions would do same.

The Medical Director of the Ridge Hospital, Dr. L. A. Donkor, commenting on the gesture said his outfit was overwhelmed by the donation when the bank was going through some challenges.

“We are overwhelmed by the ADB for this donation. We didn’t even expect it. You are the first corporate institution to have come to our aid within the past 24hours to take care of the needy and it is a very shining example. We are surprised because in recent times the bank has been going through some challenges”, he said.

He nonetheless, assured the bank that “as gold is refined by going through fire and when you harvest diamonds, they are rocks until you washed them …you will come out strong”.

ISSUED BY THE COMMUNICATIONS & PUBLIC AFFAIRS UNIT

ISSUED BY THE COMMUNICATIONS & PUBLIC AFFAIRS UNIT
(Jun-08-15)

PRESS RELEASE
Agricultural Development Bank Limited wishes to inform and assure its numerous cherished customers and the general public that all its Branches and head office departments are operating and are opened for business and rendering all banking and customer services. Management’s attention has been drawn to stories in the media about a supposed illegal sit-down strike by staff of our Bank being orchestrated by UNICOF.

Management wishes to inform the general public the announcement is untrue. We hereby inform all cherished customers that the Bank is opened to business today and all its customers are encouraged to enter any of our over 78 branches to transact business.
ISSUED BY THE COMMUNICATIONS & PUBLIC AFFAIRS UNIT

ISSUED BY THE COMMUNICATIONS & PUBLIC AFFAIRS UNIT
(May-28-15)

Management of Agricultural Development Bank Ltd (ADB Ltd) has been notified of an intended strike action by members of the Union of Industry Commerce and Finance (UNICOF) in ADB on Wednesday 23rd December 2015.
We wish to inform the general public especially our most cherished customers that the National Labour Commission (NLC) in a letter dated 17th December 2015 signed by Dr. Mrs. Bernice Welbeck has directed the suspension  of any intended action.
The above not withstanding ADB has put in place adequate alternative measures to ensure customer transactions are not disrupted in anyway during the yuletide. The general public especially our cherished customers are informed that all our 78 branches nationwide will be fully operational on the 23rd December 2015 and beyond.
We wish the general public and our cherished customers a merry Christmas and a prosperous new year.
ADB, Truly agric and more.

Press Contacts:

Solomon Adu Atefoe (Marketing & Communication Manager), 0302 210 210 satefoe@agricbank.com

Marketing & Communications
(Dec-21-15)

Accra, 23rd December 2015 – The Agricultural Development Bank Limited (“ADB”) announces the re-opening of its Initial Public Offer (“IPO”) after the two applications filed at the Supreme Court of Ghana for an order of Interlocutory Injunction and a writ to invoke the Original Jurisdiction of the Supreme Court Article 2,130,181(1)(3) and (5) of the 1992 constitution: Rule 45 of the Supreme Court Rules 1996(CI 16) by Dr Mark Assibey-Yeboah and the Union of Industry, Commerce & Finance (“UNICOF”) respectively, were struck out as withdrawn by the Supreme Court of Justice of Ghana.

The Supreme Court of Justice of Ghana, upon a voluntary application by Dr Mark Assibey-Yeboah and UNICOF to withdraw their applications after a review of their legal position, on 22nd September 2015 and 29th September 2015 respectively, struck out both applications as withdrawn. Upon the decision of the Supreme Court, the immediate legal constraints on ADB to re-open the IPO have been removed.

The Securities and Exchange Commission (“SEC”) has since approved the re-opening of the ADB IPO and the revised timetable for the IPO as follows: Activity                                                                                                         Date                                   Time
Recommencement of Offer Period                                                         23 December 2015       9:00am
End of Offer Period                                                                                    26 February 2016          5:00pm
Application Forms review for allotment commences                           29 February 2016          9:00am
End of allotment and submission of results to the SEC                      11 March 2016               5:00pm
Crediting of ADB Shares to successful applicants                               18 March 2016               5:00pm
Commence dispatching letters to successful applicants                     21 March 2016              9:00am
Refunds to unsuccessful applicants                                                        21 March 2016             10:00am

Listing of all ADB Shares. First day of trading on GSE                         23 March 2016             10:00am

Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you. Their value can go up as well as down. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.

 

Press Contacts:

Solomon Adu Atefoe ( Marketing & Communication Manager) , 0302 210 210 satefoe@agricbank.com

ISSUED BY AGRICULTURAL DEVELOPMENT BANK LIMITED
(Dec-23-15)

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