The management of Agricultural Development Bank (adb) has suspended the sale of its shares on the Ghana Stock Exchange (GSE) for further consultations.
[contextly_sidebar id=”J4xyo0QimfIo85us2o4HeMkXsCWB37Px”]Also, the sale of the bank’s head office complex, which had become a subject of controversy between the staff and management of adb has also been suspended.
The bank was to offload a little over 100 million shares representing 75 percent ownership of the bank to raise about GH¢300 million through an Initial Public Offering (IPO).
The workers of adb vehemently kicked against the move and demanded an audit into the books of the bank before the IPO will be allowed to take place.
The workers also called for the dismissal of the Managing Director and a dissolution of the governing board of the bank for alleged mismanagement and attempts to sell off the bank.
The Minority in Parliament threatened to sue the bank for failing to seek approval from the Legislature before taking that decision to go public.
But the Finance Ministry indicated that no Parliamentary approval was needed for the IPO to take place.
The Employment and Labour Minister, Haruna Iddrissu acting on the directive of the President has had meetings with the workers and the management of adb to resolve the fracas.
Speaking at press conference held by the bank, the General Secretary of the Union of Industry Commerce and Finance Workers (UNICOF), John Asiape said: “Government has intervened and the directive were to the effect that the sale of the adb house is no longer on the table so whatever was started, everything has been suspended so the sale is not going ahead.”
He said the IPO has also been suspended until “stakeholders have been engaged and in particular the union.”
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By: Marian Efe Ansah/citifmonline.com/Ghana