The Bank of Ghana annulled the shares of four institutional shareholders in the bank last month, causing the number of directors to reduce by Six (6).
The four companies, according to the Central Bank, had their shares annulled because they purchased the shares under suspicious means.
Per the annulment of the shares, Six former Directors of the said companies, namely ‘Starmount Company Limited, EDC investment, SIC Financial Services as well as Belstar Company limited’, were relieved of their duties.
The laid off members of the board include; Mr. Patrick Kingsley-Nyinah, Mr. Kwabena Dapaah-Siakwan, Nana Ama Serwaa Bonsu, Mr. Frank Kwame Osei, Dr. Adu Anane Antwi and Professor David Abdulai.
They have since been replaced by Hon. Dr. Mark Assibey-Yeboah, Hon. Abena Osei-Asare, Prof. Peter Quartey, Mr. Kwesi Korboe, Mr. George Kwabena Abankwa Yeboah and Madam Mary Abla Kessie, having Dr. John Kofi Mensah as the MD.
The inauguration ceremony which was held on Wednesday, August 29, 2018, at the Ministry of Finance, officially welcomed the new board of ADB to their respective roles.
The new Board which is expected to work to achieve their core mandate of supporting the growth of Ghana’s Agric sector, have pledged a total commitment to work tirelessly to meet the new minimum capital requirement by December this year.