President John Mahama has directed the Minister of Employment and Labour Relations, Haruna Iddrisu to take steps to resolve the impasse between the management and staff of the Agricultural Development Bank (adb).
[contextly_sidebar id=”7OneDv6G7eywiAqZVKkfcnGrBL5D0kyr”]“I have tasked the Minister of Employment and Labour Relations call an urgent meeting with the management and staff to resolve any misunderstanding existing,” he said.
Addressing the 2015 May Day celebrations parade at the Independence Square, President Mahama said the ongoing media war between the adb management and its workers has come to his notice and according to him, the situation has arisen due to a communication gap concerning the proposed Initial Public Offering (IPO).
The bank is expected to offload a little over 100 million shares to the public by the end of April with the hope to give out 75% of the Bank and raise about GH¢300 million.
The Finance Ministry has given adb the clearance to proceed with the sale of its shares on the stock market saying parliamentary approval is not required.
But the Minority in Parliament is threatening legal action against the management of the bank if they go through with the IPO because according to them, the process needs Parliamentary approval.
Meanwhile, the workers of the bank want the Managing Director, Stephen Kpordzih to be sacked and the governing board dissolved over alleged mismanagement and indiscriminate sale of company assets.
The TUC has also charged the President not to approve the rumored imminent sale of adb.
But the President is optimistic that the matter will be resolved through the intervention of the Employment Minister.
By: Efua Idan Osam/citifmonline.com/Ghana
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