The Trades Union Congress (TUC) has challenged the President not to approve the rumored impending privatization of Agricultural Development Bank (adb).
[contextly_sidebar id=”dr1XdgQR6sqoIG3INZ0I9J6wM2cuRBtC”]The TUC’s Secretary General, Kofi Asamoah said Organized Labour is “reliably informed that preparations are far advanced to privatize the bank…We want to appeal to you not to approve that arrangement.”
He made this known at the 2015 May Day celebrations at the Independence Square which is on the theme: “Addressing the energy crisis; the role of organized labour”.
Workers of adb are demanding the immediate dissolution of the adb governing board and the dismissal of its Managing Director, Stephen Kpordzih to save the bank from an imminent collapse.
They further accused the adb management of selling company assets including its former head office.
There have been allegations that the current management stripping the bank of all of its assets to facilitate its sale.
But the adb MD at a press briefing in Accra on Friday denied all these allegations.
Nonetheless, Mr. Asamoah pointed out that adb was created to help develop Ghana’s agricultural sector “which remains the backbone of our economy” and must therefore be allowed to remain a public asset.
He warned that the craze to share public assets among private businesses “should be discouraged. Our eyes are watching.”
The bank was set up in 1965 by Act 286 and it is one of the only two wholly publicly-owned banks in Ghana.
Government owns 52% of the shareholding, with the remaining 48% held by the Financial Investment Trust on behalf of the Bank of Ghana.
Privatization of ECG
There have been rumors that the government has been making preparations to privatize the Electricity Company of Ghana (ECG) due to operational challenges.
The Energy Ministry has on several occasions denied this claim but on Friday, cabinet approved private participation in the operations of the company.
The Deputy Power Minister, John Jinapor is quoted as saying, “all the properties of ECG will continue to remain as it is. What we are looking for is the skill and innovative ways that can make ECG much more efficient.”
The TUC boss said the introduction of private participation “should not be part of the solution to the power crisis.”
He was of the view that if all public institutions are made to pay their utility bills on time, there will be no need to introduce private participation in the operations of ECG.
“Public assets must remain public!” he said, adding that “privatization only serves the interest of profit hungry foreign investors and it will not address our energy crisis!” he retorted.
By: Efua Idan Osam/citifmonline.com/Ghana