The Managing Director of the Agricultural Development Bank (ADB), Stephen Kpordzih, has submitted a letter to the board of directors of the bank notifying them of his intention to resign from the bank.
This takes effect from January 11, 2016. A letter he sent to the Board Chairman of ADB said “In view of the expiration of the extension of my contract of employment on January 31 2016, I write to notify you of my decision not to seek any further extension. I would therefore like to proceed on leave effective January 11, 2016.”
The ADB had planned to float its shares, with an IPO getting postponed several times after numerous lawsuits were filed preventing the bank form taking such an action without approval by parliament.
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Some industry players fear his resignation might affect the on-going IPO of the bank.
Sometime last year there was massive opposition to Stephen Kpordzih’s continuous stay in office by the bank’s workers’ union, accusing him of mismanaging the bank.
The Agricultural Development Bank of Ghana, commonly known as ADB, is a government-owned development and commercial bank in Ghana. The bank is the first development finance institution established by the Government of Ghana. It is one of the commercial banks licensed by the Bank of Ghana, the national banking regulator.