ADB Press Release

BOG commends ADB

The Bank of Ghana has commended the Agricultural Development Bank (ADB) for opening six new branches within a week throughout the country.

The beneficiary communities are Yendi, Savelugu, Walewale, Navrongo, Takoradi and Mankessim. Two other branches would be inaugurated later at Sogokope and Ashiaman.

Dr H. A. K Wampah, First Deputy Governor of the BOG, made the commendation at the inauguration of the Mankessim Branch of the bank. He expressed satisfaction at the rate the banking sector is growing as well as the healthy competition it has generated. The Deputy Governor urged the commercial banks to expand credit to the productive private sector to support economic growth. He said although there has been an increase in credit in recent times, small and medium scale enterprises still had difficulty in accessing credit.

Dr Wampah advised banks to take a second look at their charges and interest rates to reflect the benefits of the macro-economic stability in the country. He said there is public perception that the cost of credit and bank charges remained high, while the financial institutions are not responding to policy signals.

Dr Wampah assured the banks that BOG is fully committed to play its part in assisting the financial sector to grow and expand its services and products. Mr Stephen Kpordzih, Managing Director of ADB, said the bank would support the government's accelerated agricultural modernisation programme as well as the National Buffer Stock Company, the fertiliser subsidy scheme and the agricultural and agro-processing machinery supply scheme. He assured farmers and fishermen that the bank would continue to support them to expand and develop their businesses. Alhaji Ibrahim Adam, Chairman of the Board of Directors of ADB advised management of the bank to ensure speedy processing of loan applications.

He appealed to BOG to assist ADB to access funds set aside by government to support the banking sector. Alhaji Adam pledged the commitment of the board to bring the bank closer to the people, to enable them to access its facilities without difficulties.

Mr Aquinas Tawiah Quansah, Member of Parliament for Mfantsiman West, urged Ghanaians to cultivate the habit of savings. Mr Adam Sulley, Executive Head, Retail Banking, ADB, the bank had rolled out some programmes to help its customers to improve their standard of living. These include ADB pension Account, ADB Student Savings Account and ADB Mmofra Account and urged the public to take advantage of the services to improve their lot.

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