RE- SALE OF AGRICULTURAL DEVELOPMENT BANK (ADB)

The Ministry of Finance and Economic Planning (MoFEP) has noted with concern recent publications in certain media about the sale of the Agricultural Development Bank to Standard Bank Group of South Africa, the parent company of Stanbic Bank Ghana.

To set the records straight, we wish to state that the Ministry received a proposal to that effect on (date). Subsequently, a committee made up of officials of the Ministry and the Bank of Ghana was formed to review the proposal and suggest appropriate response for government.

The committee is yet to submit any report to government. To this end, we wish to allay the fears of all, that government has not taken any decision on the sale of ADB.

Paragraph 1281-1283 of the 2007 Budget Statement and Economic Policy stated government’s intension to rationalize her participation in the banking industry. This rationalization would be done taking cognizance of the role these banks play in the Ghanaian economy. We wish to reiterate that government has received the proposal but has not taken any decision on the matter.

ISSUED BY THE PUBLIC RELATIONS UNIT
MINISTRY OF FINANCE AND ECONOMIC PLANNING