The Agricultural Development Bank (ADB) Plc’s Board of Directors has clarified that the $750,000 contract renewal this month is a routine procedure that is required for the bank to continue receiving vital and important services.
In a statement, the Board stated that the contract was approved in accordance with established guidelines and that the directors were aware of the importance of maintaining professionalism in the performance of their duties.
At a time when a new administration was taking over, the ADB Board was responding to media accusations that the bank had extended a $750,000 contract late in December.
The ADB Board of Directors noted in the statement that the Securities and Exchange Commission and the Bank of Ghana’s dual oversights made sure the board operated within the bounds of the law.
The statement stated:
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,”
“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,”
