Government Has No Intention To Privitize ADB

The Ministry of Finance and Economic Planning (MoFEP) has taken note of the recent media publications on the sale of Agricultural Development Bank (ADB).

The Ministry wishes to state that government has no intention of allowing ADB to enter into any form of partnership with any financial institution, local or foreign.

On the contrary, government is committed to strengthening the capacity of ADB to play its core function of financing agricultural development in the country.

The new management of the bank has a commitment to double the investments of the bank to the agricultural sector.

MoFEP also wishes to emphasize that at no point did the Finance Minister, Dr Kwabena Duffuor disclose to any media house that Dr Percival Alfred Kuranchie of the National Investment Bank (NIB) was fronting the deal to privatize the ADB.

It is important to note that Dr Kuranchie, who was the Managing Director (MD) of ADB from 1989 to 2001, was at the forefront in the crusade against the privatization of ADB prior to the assumption of office of President Mills in January 2009.

ISSUED BY ABDUL HAKIM AHMED, MEDIA LIAISON MINISTRY OF FINANCE & ECONOMIC PLANNING

THE NEWS EDITOR