At last! gov’t appoints ADB board

…But CSOs call for vigillance

In a swift response to the FI story last week, Gov’t has named a four-member board to direct the affairs of the Agricultural Development Bank (ADB). The four are Alhaji Ibrahim Adam (Chairman), Nancy Amporfo, S. K. Dapaah and Johnson Asiamah.

Mr. Adams, a former Minister of Agriculture who was the first accused in the Aveyime rice case, comes on the job with a vast experience in the field of agricultural production, being a large scale farmer himself. It is expected that his long tenure as a minister of Agriculture and first-hand experience in the problems faced by farmers when it comes to sourcing for financing for their activities, as well as his own training makes him an excellent choice for the position.

Dr. Samuel Dapaah was the former Chief Director of the Ministry of Food when Mr. Adam was the Minister, and he is believed to be a savvy administrator as demonstrated during his Civil Service days and comes to the board with a deep knowledge of the agricultural sector. Although Ms Ampofo is not known to this paper, sources in government have told this paper that her nomination was not just for gender balance, but rather on competence.

Dr. Asiama holds a PhD in Economics from the University of Southampton, England with specialization in Monetary Economics and Economic Growth in Sub-Saharan Africa. Currently a staff of the Research Department, Bank of Ghana. He has worked in other departments of the Bank such as the Banking Supervision Department and the Financial Markets Department. Dr. Asiama also has extensive research experience on real sector issues in Ghana ranging from the Fishing Industry, the Millennium Challenge Account and the Potential for Agribusiness, the Housing Industry in Ghana, Financing Small and Medium sized Enterprises, Microfinance in Ghana, and the potential for a Commodities Exchange in Ghana to enhance agricultural production as well as stabilize farmer incomes, and also issues about enhancing Ghana’s competitiveness.

Some industry watchers who have spoken to this paper believe that the new board has a unique task on hand as they need to ward-off advances by any foreign interest that wants to acquire the bank.

Edward Kareweh of the General Agricultural Workers Union (GAWU) was confident that with the composition of the current Board, people who have interest in ADB would have no way at all luring government to sell its shares in the Bank. He however calls for vigilance on the part of both Civil Society and patriotic Ghanaians to counter any such moves from those foreign interests.

“The ADB is the hope for Ghana’s future and so must not be toyed with”, he declared, warning that care must also be taken that Mr Ibrahim Adam’s close family ties with the Managing Director for Stanbic Ghana, Alhassan Andani is not exploited to give advantage to the Standard group.

The FI has been informed that Dr. Sam Jonah who is on the board of Standard Bank has been the main mover of South African acquisitions in Ghana. Dr. Jonah is also on the board of Vodafone UK which last year acquired 70% stakes in Ghana Telecom.

He also served on the board of Anglogold-Ashanti after golden shares of the Ghana government hab been sold to Anglogold