Save ADB – GAWU to government

The General Agriculture Workers Union (GAWU) has called on the government to bailout the Agricultural Development Bank (ADB) as the Bank of Ghana’s 31 December 2018 deadline for the new minimum capital requirement of GHS400 million approaches.

ADB is currently embarking on a renounceable right to increase its minimum stated capital to GHS585.1 million, above the new requirement of GHS400 million.

The bank will be seeking shareholders’ approval to raise the required funds.

The Minister of Finance, Ken Ofori Atta, in November last year, revealed government's intention to consolidate ADB and the National Investment Bank (NIB) into a proposed National Development Bank, but the move was strongly opposed.

Speaking to Class News, General Secretary to GAWU, Edward Kariweh, said the government must take steps to save ADB.

He said:

“ADB should not be looked at like any private company...Yes, ADB must have a general meeting to see how they are going to raise the money but if the money is not there, the government must provide it and I’m saying that our government is not broke."

"Even if the government is broke, how much is this money? If the government doesn’t raise it, then it’s a clear sign that the government wants adb to collapse.”