Agricultural Development Bank of Ghana

Agricultural Development Bank of Ghana, commonly known as Agricultural Development Bank or 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.[2]

Agricultural Development Bank of Ghana 0549232049
TypeParastatal
IndustryFinance
Founded1965 (1965)
HeadquartersIndependence Avenue, Accra, Ghana
Key people
Nana Soglo Alloh IV, Chairman[1]
Daniel Asiedu, Managing Director
ProductsLoans, Agricultural Credit, Corporate Banking, International Banking, Commercial Banking
RevenuePretax:US$28.8 million (GHS:51.1 million) (2011)
Total assetsUS$683.6 million (GHS:1.21 billion) (2011)
OwnerGovernment of Ghana
Websiteagricbank.com

History

ADB was established in 1965, by Act of Parliament to meet the banking needs of the Ghanaian agricultural sector in a profitable manner. Before its current name, the bank was known as the Agricultural Credit and Co-operative Bank. The bank changed its name in 1970, when the parliamentary statute was amended to grant the institution full commercial banking powers.[3]

Overview

The Bank is a large development and commercial bank. As of April 2010, ADB was the leading financial institution in agricultural financing in Ghana, responsible for 35% of the total bank industry financing of agriculture.[4] In September 2010, the bank was recognized as Bank Of The Year at the Africa Investor Agribusiness Awards, in Durban, South Africa, the first institution so recognised, at this annual event.[5] The total assets of the institution at the end of December 2011 were valued at approximately US$683.6 million (GHS:1.21 billion).[6]

The bank is currently looking to list on the Ghana stock exchange, and has is currently awaiting government approval to be listed.[7]

Ownership

The bank's stock is owned by the following entities: [8]

Agricultural Development Bank of Ghana Stock Ownership
RankName of OwnerPercentage Ownership
1Government of Ghana51.83
2Bank of Ghana48.17
Total100.00

Products and services

The bank engages in other types of banking in addition to making agricultural loans. The range of services offered include: (a) Development Banking (b) Corporate Banking (c) Personal Banking (d) International Banking (e) Diaspora Banking Services (f) Treasury Management Services and (g) Money Transfer Services, in partnership with Western Union.

Branch network

The Bank maintains a network of fifty-four (54) branches located in all areas of Ghana. There are also an additional four (4) Farm Loan Offices and ten (ten) Agency Offices. This adds up to a total of sixty-eight (68) service outlets, in addition to the bank's headquarters in Accra, Ghana's capital and largest city.[9]

Awards and recognition

2020 Ghana Cocoa Awards - Best Cocoa Financing Institution[10]

See also

References
  1. http://www.agricbank.com/about-us/board-of-directors/
  2. List of Licensed Commercial Banks in Ghana Archived 2012-05-04 at the Wayback Machine
  3. History of Agricultural Development Bank of Ghana Archived September 21, 2010, at the Wayback Machine
  4. ADB Responsible For 35% of Agricultural Lending In Ghana Archived November 3, 2012, at the Wayback Machine
  5. "Ghana: ADB Supports Agric Sector With Gh¢175m". Accra Mail (Accra). 2010-09-20. Retrieved 2017-08-17.
  6. "Ghana: ADB Releases 2011 Financial Results and Demonstrates Remarkable Strength". Ghanaian Chronicle (Accra). 2012-04-11. Retrieved 2017-08-17.
  7. Eduku, Pius Amihere. "Ghana: ADB Fails to List On GSE".
  8. Shareholders in Agricultural Development Bank of Ghana Archived September 21, 2010, at the Wayback Machine
  9. Branches of Agricultural Development Bank of Ghana Archived August 16, 2010, at the Wayback Machine
  10. "ADB wins Best Cocoa Financing Institution award". MyJoyOnline.com. 2019-11-27. Retrieved 2020-11-16.
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