TDCL to demonstrate against sale of ADB

Tema, Sept. 10, GNA- Members of the Tema District Council of Labour (TDCL) of the Trades Union Congress (TUC), would on Thursday, September 13, embark on a demonstration, in protest against the sale of Bank of Ghana's 48 percent shares in the Agricultural Development Bank (ADB). The demonstration, in support of the resistance by the TUC against government's intention of selling its shares in the ADB to STANBIC BANK, is to mobilize public support among workers and farmers.

Mr Godfried Odum, Acting Secretary of the TDCL, who disclosed this at a Press Conference in Tema on Monday, said the demonstrators would pass through the principal streets of Tema, after which they would move to Accra, and present copies of their Resolution to the TUC Secretary-General, and the Ministers of Finance and that of Manpower and Employment.

Mr Odum debunked the assertion by a section of the public that the planned activities of TDCL were "an industrial action with threat of economic disruption and abuse of the principles of trade unionism." He said TDCL disagreed with arguments put up by certain individuals that ADB needed a total amount of 250 million dollars instead of its current 66 million dollars, to operate effectively.

"It is important to point out that this argument is flawed because it is not possible for any financial institution in the world to always have the ability to raise the needed capital required for a specific project".

The practice, he explained, was for banks the world over, to place themselves in a position that "makes them credit worthy for other financial institutions to make available to them the capital as and when they require."

The Acting Secretary pointed out that it was government's responsibility to lead in the developing of the agricultural sector, since the sector was still developing.

"We cannot simply for the purpose of improving efficiency, assume that ADB should be sold to a private foreign strategic interest." Outlining reasons why ADB's shares must not be sold out, Mr Odum said as a development bank, it was a policy bank, which the state used in prosecuting specific policy agenda.

"Currently the ADB has the lowest lending rates of 21 percent, the lowest agric lending rate which is 15 percent, the lowest base rate 18 percent and the lowest lending for special agric schemes 10 percent", he added.

Last month TDCL gave government a two-week ultimatum to rescind its intended decision to sell the 48 percent shares of ADB, or members would take to the streets.