ADB to set up agric value chain desks to boost agribusiness

ADB to set up agric value chain desks to boost agribusiness
Source: Prince Appiah | Luv FM
Date: 06-07-2018 Time: 08:07:19:am

The Agricultural Development Bank (ADB) says it is setting up special desks in the branches to promote businesses in the agricultural value chain.

Managing Director, Dr John Kofi Mensah, says the desks are part of measures to strengthen the bank’s core objective of promoting agriculture.

Ashanti and Brong Ahafo regions will be the focus of the initiative due to the high concentration of agric-related businesses in the zone.

Dr Mensah made the revelations to Luv Biz at the customer appreciation event in Kumasi earlier this week.

The event was aimed at enabling the Board to interact with key customers of the Bank in the Ashanti Region.

“The bank is in the advanced stage of establishing desks in Ashanti and Brong Ahafo region to be operated by specially trained trade officers.

“We have realised that Ashanti and Brong Ahafo regions boast of several businesses that trade with partners outside Ghana, especially in Asia and Europe, so opening such a desk in branches within these regions would serve the customers better to achieve their business satisfaction,” Dr Mensah.

He says the bank is moving beyond supporting just the primary production of agriculture to supporting people and organisations ready to venture into the complete value chain business.

Dr Mensah further said the bank is working to strengthen its trade finance system to help local businesses take advantage of attractive products to facilitate foreign trade.

He indicated that the move was driven by the bank’s observation of challenges facing many local businesses in respect to financial transactions with their foreign partners.

ADB says it is embarking on the initiative to strengthen itself to appropriately engage with its clients for effective business operations.

Dr Mensah also said the bank was decentralising its operation as new branches come on stream.

Board Chairman, Alex Bernasko, said with 78 branches nationwide, the bank will open five more branches by the end of the year to make banking easier for everyone.

He commended the customers for their loyalty to the bank and assured them improved customer satisfaction under his tenure.

“We are going to do more to make banking attractive to Ghanaians through existing and new technological and innovative services.”

Minimum capital requirement

The quest to meet the minimum capital requirement of GHS400 million continues to hang on the necks on many commercial banks.

MD for ADB, Dr Mensah, has however assured customers that the bank will definitely meet the Bank of Ghana minimum capital requirement.

He says shareholders are expected to give the board the needed approval to source additional funds of about GHS310 million to meet the requirement.

“We don’t have any challenge with meeting the requirement. Our Annual General Meeting is this month and shareholders will give the board the needed approval to source for the additional funds,” he said.

“I can assure our numerous customers that before the end of this year the Bank will get the money to meet the BoG requirement and the Bank will remain in business to serve customers better,” he said.