Otumfuo Osei Tutu II, the Asantehene
The Asantehene, Otumfuo Osei Tutu II, has commended the board and management of Agricultural Development Bank (ADB) for refocusing the bank on its core mandate of agricultural financing.
According to Otumfuo Osei Tutu II, 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 from its core mandate.
The Asantehene made these remarks during a courtesy call on him by the board and management of the bank at the Manyhia Palace on Friday.
He said though the bank was now focusing on the agricultural sector, the establishment of the National Development Bank (NDB) should help ADB do more for the sector.
According to the Asantehene, he 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.
The chairman of the board of directors of ADB, Alex Bernasko, said the bank has since 2017 refocused its strategic direction on its main mandate of agricultural financing.
He said the bank has been a key partner in all government initiatives in the area of agribusiness.
He added that the current board and management have 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.