The Board of Directors of the Agricultural Development Bank (ADB) Plc has explained that the renewal of a $750,000 contract this month is not exceptional but a normal process, necessary for the continuous provision of critical and essential services to the bank.

The Board said in a statement that the contract was approved within established rules, adding that the directors were conscious of the need to remain professional in the discharge of their duties.

“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,” the statement said.

The ADB Board was reacting to media reports that the bank had renewed a $750,000 contract late in December at a time the transition into a new administration was taking place.

In the statement, ADB’s Board of Directors said dual oversights by the Bank of Ghana and the Securities and Exchange Commission ensured that the board functions within the confines of regulation.

“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.