The Board of Directors of the Agricultural Development Bank (ADB) Plc has issued a statement defending the recent renewal of a $750,000 contract, asserting that it is a standard procedure necessary for the continuous delivery of essential services to the bank.
The Board made it clear that the directors are still dedicated to performing their jobs professionally and that the contract was approved in compliance with the rules. According to the statement, the Board wants to reassure its valued clients, investors, and the public that it is committed to protecting the interests of all parties involved and that it is carrying out its responsibilities in an efficient and professional manner.
This response follows media reports suggesting the bank had renewed the contract late in December, coinciding with the transition to a new administration, raising concerns about transparency. The ADB Board emphasized that dual oversight by the Bank of Ghana and the Securities and Exchange Commission ensures that the board operates within regulatory boundaries.
They further clarified that, “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 statement added, “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.”
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Background
These clarifications come after Honorable Samuel Okudzeto Ablakwa raised concerns on December 26, 2024, regarding a $750,000 contract between the ADB and Virtual Security Africa. He alleged the contract did not adhere to standard auditing procedures, and negotiations were incomplete, with the primary agreement still in draft form. Furthermore, he claimed that ADB faced intense political pressure to finalize the payment by December 27, 2024, despite these irregularities.
Conflicting statements have emerged from joint transition teams regarding ongoing recruitment and payment processes. The outgoing government’s team maintains that all such procedures have received the necessary statutory approvals, while the incoming administration’s team has called for a review and approval of significant actions to ensure transparency and fairness.
The allegations surrounding the ADB contract have fueled public outcry, with calls for immediate investigations and accountability for those involved in these alleged last-minute deals. As the transition progresses, stakeholders and the public are closely monitoring developments, demanding due process and safeguarding the interests of the nation.
