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ADB allay fears …says it will meet recapitalisation requirement

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Adnan Adams Mohammed
The Agricultural Development Bank (ADB), has assured customers that the Bank will definitely meet the Bank of Ghana (BoG) minimum capital requirement of GHC400 Million for all commercial Banks in the country.

The Bank is expected to hold its Annual General Meeting this month and shareholders will give the Board the needed approval to source for the additional funds of about GHC310 Million.

The Managing Director of the Agricultural Development Bank (ADB), Dr John Kofi Mensah said this at the Customers Appreciation Cocktail held in Kumasi to allow the Board to interact with key customers of the Bank in the Ashanti region.

“I can assure our numerous customers that before the end of this year the Bank will get the money to meet the BOG requirement and the Bank will remain in business to serve customers better,” he said.

Dr Mensah further said the Bank is working to strengthen its trade finance system to help local businesses take advantage of attractive products to facilitate foreign trade. He said the bank was in the advanced stage of establishing desks, particularly in the Ashanti Region, to be operated by specially trained trade officers.

He indicated that the move was driven by the bank’s observation of challenges facing many local businesses in respect to financial transactions with their foreign partners.

He stated that the Ashanti Region boasts of several businesses that trade with partners outside Ghana, especially in Asia and Europe, hence opening a trade desk in Branches within the region would serve customers better to achieve their business satisfaction.

The MD said the Bank was moving beyond supporting just the primary production of Agriculture to also supporting people and organisations ready to venture into the complete agricultural value chain business.

He pledged that its management and board were going to do more to make banking attractive to Ghanaians through existing and new technological and innovative services.

Mr. Alex Bernasko, the board chairman, said with 78 branches nationwide, the bank was going to open five more branches by the end of the year to make banking easier for everyone.

He commended the customers for their loyalty to the Bank and assured them that under his tenure customer satisfaction will be the core value of the Bank.

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