The Asantehene, Otumfuo Tutu II has urged the New Development Bank to collaborate with the Agriculture Development Bank Plc (ADB) for a successful implementation of its development agenda particularly in the area agriculture.
The collaboration, according to Otumfuo, will enhance agribusiness financing which is the core mandate of ADB as well as the development of the entire agriculture value chain.
He advised the board and management of ADB to explore the use of innovative ways of doing business using modern-day technology to improve agribusiness and ultimately refocus on its core mandate of Agricultural financing in the country.
The Asantehene Otumfuo Osei Tutu II made these remarks when the board of directors and management of the bank paid a courtesy call on him at the Manyhia Palace in Kumasi.
Otumfuo, emphasized that, ADB must direct its attention to most government’s development initiatives like One District One Factory which are agribusiness in nature as well as financing the export of processed raw materials like cocoa which will eventually boost the economy and increase GDP.
Otumfuo fervently advised management and board of ADB to reduce interest rates drastically to encourage borrowing particularly by farmers and further assured the board of his support and influence to ensure that these initiatives become a reality for all to benefit.
Asantehene however commended the board for the tremendous growth of the bank since they took over in 2017 and have been monitoring the performance in recent years and all the support it is lending to government and the private sector for the growth of the Agricultural sector.
Chairman of the board of directors, Alex Bernasko who led the delegation said ADB had since 2017 refocused its strategic direction to its main mandate of Agricultural financing.
He reiterated that the Bank had been a key partner to all government initiatives especially in the area of Agribusiness and the current board and management had succeeded in moving the Bank from loss making to profit making and was hopeful the path would continue.
“The Bank had made a loss of GH¢70million the previous year before the new board took over and in 2020, we made profit of GH¢65million with all indicators recording positive growth and we are working very hard to achieve our objective as an Agric lending institution,” he stressed.
According to him, the bank complies with all Bank of Ghana regulatory directives on corporate governance and this had positively contributed to the Bank’s success story.
The Bank according to the Board Chairman has developed a three-year strategic plan to satisfy customers and would work to ensure that ADB becomes a place to bank with confidence to be counted among the first five banks in Ghana.
