Financial Analyst Sydney Casely Hayford has described as “cheap” the selling price for the former Head office of the Adb bank in Accra.
[contextly_sidebar id=”PA6DkFZBfZBqkkM4eGn5Vt6fLuoC9IUS”]The office complex, which is being sold for $10 million dollars has become a subject of controversy after staff of the company protested against the sale of the property.
The management of the company at a press conference last week announced that the bank was yet to complete the sale of its former headoffice though they had moved to the plush Accra Financial Centre at a rented cost of about one million Ghana cedis a month.
Workers of the company had accused Adb’s management of selling the building and renting a new one which cost the company GH¢1 million per month.
At a press conference to address the allegations, Managing Director of the bank Stephen Kpordzih said though they had intended to sell the building, the highest bidder failed to pay the amount.
Speaking on the Citi Fm’s news analysis programme, the Big Issue, Sydney Casely Hayford believes that the bank could have renovated the complex and sold it at a much higher price.
“Frankly for $10 million for that property sitting on the independence avenue, of that size, I think it’s very cheap. And for me what I would rather have done is to borrow about $5 or 7 million that is if that is what it will take, revamp the whole property, put up a new building maybe and sell it at a much higher price. You would have recovered your $5 or 7 million very easily and you can go ahead and re-house everybody in the new property that you are looking for,” he said.
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By: Franklin Badu Jnr/citifmonline.com