Want ADB Board &MD Sacked
The usual attitude of the Ghanaian-worker of always being right and management is always wrong, has reared its ugly head at the ever-improving Agricultural Development Bank (Adb), with some workers calling for the immediate dissolution of the board of directors of the bank and the dismissal of the Managing Director (MD), Stephen Kpordzih.
This, they claim will save the financial institution from imminent collapse.
It was these same workers, who three years ago, praised the sterling qualities of Mr. Kpordzih and the board of directors, led then by Mr. Ibrahim Adam at an annual Christmas Get-together at the Alisa Hotel in Accra.
They were admiringly praised for the transformation they brought to the bank since its inception and the ideal of listing on the stock exchange just like the other private banks. Equally praised was the rebranding exercise.
The recruitment of energetic and business-mind youngsters to give the state-owned bank a new image, was also singled out for praise. Mr. Kpordzih and the board of directors, have made Adb one of the highest paying banks in the country in terms of salaries and remunerations. Indeed the bank, has witnessed a mass exodus of bankers from other banks to Adb in recent times.
But three years on, they are eating back their words saying, “We want the immediate and unconditional dissolution of the board of directors and the immediate and unconditional removal of the managing director” a resolution passed at an emergency national executive committee (NEC) meeting of the ADB staff union in Accra
The workers are further demanding a “forensic audit of the bank within the shortest possible time.” The bank which was set up in 1965 by Act 286 is one of the only two wholly publicly-owned banks in Ghana.
The Herald is informed that management of the bank, would in the coming days address the press by offering responses to the issued raised by the workers.
The Government owns 52 per cent of the shareholding, with the remaining 48 percent held by the Financial Investment Trust on behalf of the Bank of Ghana (BoG).
The Securities and Exchange Commission (SEC), recently gave the bank the approval to go ahead and offer its shares to the public.
The bank is expected to offload a little over 100 million shares to the public by the end of this month with the hope to give out 75 percent of the Bank and raise about 300 million Ghana cedis.
But in an interview with Citi News, the chairman of the ADB workers union, Mark Imoru, insists that the workers are of the considered opinion that “instead of listing on the stock market the bank should rather embark on a massive recovery exercise to rake in the 600 million Ghana cedis that we have out there in unrecovered loans.”
The workers are also asserting that “contrary to the impression being created by management over the years that the bank is doing well, our financials for 2014 indicates that the bank is fast sinking and urgent steps needs to be taken to salvage the dwindling fortunes of the bank”.
Meanwhile, the Union of Industry, Commerce and Finance Workers (UNICOF) is asking the Adb staff to exercise restraint as they pursue the issue on their behalf.
In an interview with Citi News the general secretary of UNICOF, John Esiape, also asked the management of the bank to put on hold their initial public offer until the concerns raised by the workers are addressed amicably.
“If there is no ADB there will be no staff loan, our struggle is to ensure that we keep Adb intact and viable, our ultimate objective is for Adb to continue to be the kind of Bank that it was established to be, it was strategic.”
Mr. Esiape, further questioned the processes that have led to the current situation saying, “it was established by an act of parliament, how that act was circumvented to get us where we are is also a subject for discussion, because our parliamentarians must answer.”
He then assured the workers of ADB that “labour will not sit down and have these assets go the way others have gone, we all know about the story of Anglogold Ashanti its nothing now.”