RE- SALE OF AGRICULTURAL DEVELOPMENT BANK (ADB)

The Ministry of Finance and Economic Planning has noted with concern that although it had come out to deny media speculations that government has sold its shares in the Agricultural Development Bank (ADB) to Stanbic Bank, some sections of the media are still peddling this falsehood.

The Ministry wishes to reiterate that no such decision has been taken. Neither Government nor the Bank of Ghana has sold its shares in ADB to Stanbic Bank.

A statement issued by this Ministry on March 13, 2006, explained that the government received an unsolicited proposal from the Stanbic Bank sometime last year. A committee made up of officials of the Ministry and the Bank of Ghana was formed to review the proposal and suggest an appropriate response.

The committee is yet to submit any report to government. To this end, we wish to confirm that government has not taken any decision on the sale of its shares in ADB.

Again we wish to state that though the 2007 Budget Statement and Economic Policy stated government’s intention 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.

HON PROF. GEORGE GYAN-BAFFOUR, MP
DEPUTY MINISTER


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