The Board of Directors of Agricultural Development Bank PLC (ADB) has dismissed recent media reports and social media speculations suggesting irregularities in its operations and contract renewals.

In a press release signed by the Acting Chairman of the Board, ADB clarified that the bank operates as a public company listed on the Ghana Stock Exchange and is regulated by the Bank of Ghana and the Securities and Exchange Commission.

“These oversight and regulations ensure that the Board of Directors functions within the confines of regulation,” the statement stated.

Responding directly to the allegations, the Board reaffirmed its authority to make corporate decisions, including renewing critical contracts to ensure uninterrupted services.

“The ADB Board, in the exercise of its duties, has approved the renewal of some existing but expiring contracts to ensure the continuous provision of critical services to the bank,” the release noted.

It further explained that these actions were fully aligned with the bank’s objectives and corporate governance principles.

The Board also addressed concerns about its operations during transitional political periods, firmly rejecting any notion of dereliction of duty.

“To ensure effective and efficient corporate governance and guarantee its continuous safe operation, the Board does not freeze or abdicate its responsibility after general elections,” it asserted.

To reassure stakeholders, the statement concluded with a commitment to maintaining professionalism and prioritising the interests of customers, shareholders, and the general public.

“The Board would like to assure its esteemed customers, shareholders, and the general public that it remains focused and is effectively and professionally discharging its duties to safeguard the interests of all its stakeholders,” the Acting Chairman assured.

This clarification seeks to quell concerns and reaffirm the Board’s commitment to transparency, effective governance, and the bank’s long-term stability.