The Asantehene Otumfuo Osei Tutu 11 has commended the Board and Management of the Agricultural Development Bank for refocusing on its core mandate of Agricultural financing.
He said ADB which was purposefully established to lend for the growth of the Agricultural sector had for some years redirected its focus to other areas aside its core mandate.
The Asantehene made these remarks when the Board and Management of the Bank called on him at the Manyhia Palace.
He said though the Bank was now focusing on Agricultural sector the establishment of the National Development Bank should help ADB do more for the sector.
The Asantehene, was hopeful the NDB would be able to give ADB funds at lower interest rates for ADB to give to farmers.
“Agriculture remains the backbone of our economy and the NDB should be able to give loans at lower interest rates to ADB for our farmers to easily access” he said.
He said most of the current government initiatives like 1D1F, Planting for Food and Jobs were all about Agricultural Development hence the need for all to empower ADB to continue doing more for the sector.
“I have watched the Bank in recent years and all the support its lending to Government and the private sector for the growth of the Agricultural sector, but i know you are limited by funds so I will be an advocate at all forums for more funds to be given to you for the growth of the Agricultural sector”. He added.
The Chairman of the Board of Directors at ADB, Mr Alex Bernasko said ADB had since 2017 refocused its strategic direction to its main mandate of Agricultural financing.
He said the Bank had been a key partner to all government initiatives especially in the area of Agribusiness.
Mr Bernasko said the current Board and Management had succeeded in moving the Bank from loss making to profit making and was optimistic the trajectory would continue.
“We are working to make sure ADB becomes one of the topmost Banks in the country within the next few years,” he said.
According to him, the Bank was complying with all Bank of Ghana directives on corporate governance and this had positively contributed to their success story.