The Board of Directors of Agricultural Development Bank (ADB) Plc has defended the renewal of a $750,000 contract, describing it as a routine and necessary process to ensure the uninterrupted provision of critical services to the bank.
In a statement, the Board emphasized that the contract was approved in accordance with established rules and regulatory oversight from the Bank of Ghana and the Securities and Exchange Commission. It assured stakeholders of its commitment to professionalism and safeguarding their interests.
“The Board remains focused and is effectively discharging its duties in the best interest of customers, shareholders, and the general public,” the statement said.
The clarification comes in response to media reports questioning the timing of the contract renewal during a period of administrative transition.
“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,” the statement emphasised.
