The Agricultural Development Bank (ADB) has addressed allegations made by Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu, concerning the approval of a $750,000 electronic servicing agreement. Ablakwa described the contract as a "sleazy midnight deal," suggesting it was hastily approved under political pressure during the government's transition period.
In a memo dated December 27, 2024, signed by the Acting Chairman of the Board of Directors, ADB clarified that it operates as a public company regulated by the Bank of Ghana and the Securities and Exchange Commission. The bank emphasized that its Board of Directors continues to fulfill its responsibilities regardless of electoral cycles, ensuring effective corporate governance and uninterrupted operations.
ADB justified the contract approval, stating it involved the renewal of existing but expiring agreements essential for maintaining critical services. The bank assured stakeholders that all contract renewals were within its authority and aligned with its objectives. The memo concluded by reaffirming ADB's commitment to professionally executing its duties and safeguarding the interests of its customers, shareholders, and the general public.
Ablakwa's concerns, raised on December 26, 2024, highlighted that the contract with Virtual Security Africa had not undergone standard auditing procedures and that negotiations were incomplete, with the main agreement still in draft form. He alleged that ADB was under intense political pressure to make full payment by December 27, 2024, despite these irregularities.
This incident occurs amid broader tensions during the government transition period, with conflicting statements emerging from joint transition teams regarding ongoing recruitment and payment processes. The outgoing government's transition team maintains that all such processes have received the necessary statutory approvals, while the incoming administration's team calls for a review and approval of significant actions to ensure transparency and fairness.
The situation has sparked public outcry, with calls for immediate investigations and accountability for officials involved in the alleged last-minute deals. As the transition progresses, stakeholders and the public are closely monitoring developments to ensure that due process is followed and that the interests of the nation are upheld.
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