The Board of Directors of the Agricultural Development Bank (ADB) Plc has clarified that the renewal of a $750,000 contract this month is a routine procedure necessary to ensure the uninterrupted delivery of essential services to the bank.
In a statement, the Board emphasized that the contract renewal was carried out in accordance with established protocols, reaffirming their commitment to professionalism in fulfilling their responsibilities.
“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,” they stated.
The clarification follows media reports alleging that the bank renewed the contract while a transition process is ongoing.
The Board further noted that its operations are subject to dual oversight by the Bank of Ghana and the Securities and Exchange Commission, ensuring compliance with all regulatory requirements.
“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,” the statement emphasised.