The Agricultural Development Bank (ADB) has responded to claims made by , the Member of for North Tongu, who raised concerns over a contract approved by the board of the financial institution.
In a memo dated Friday, December 27, 2024, and signed by the Acting Chairman of the Board of Directors of ADB, the institution clarified that, as a public entity, it is regulated by the , which ensures that its functions remain within the confines of the applicable regulations.
The memo explained that the board does not abdicate its responsibilities and mandates after general elections in the country.
It stated that the board is required to act through its mandated corporate organs, including the Board of Directors. "The Board of Directors would like to clarify that not only is ADB a public company limited by shares, but it is also a bank and listed on the Ghana Stock Exchange.