Some farmers have stated their intention to buy shares in the Agricultural Development Bank (adb) once the bank is allowed to float its shares on the market.
The farmers say the decision to make the ownership of the bank public is a good one and should go ahead.
[contextly_sidebar id=”BpxMFCrfrapPWG4pNZOWciUrLMCtU3ZX”]According to the farmers, adb served their interests and as such they should be allowed to purchase shares in order to feel part of the financial institution.
The Secretary of the Ghana National Tomato Farmers Federation, Patrick Ahiabu said that they intend to buy at least 20 percent of adb’s shares once it goes public.
“This is the bank that bears the name of agriculture. We, the National Farmers and Fisherman Award Winners Association as a body on its own and the National Tomato Farmers Federation and other farming organizations in the country are now raising money to buy shares so that we the farmers will feel that we really own the Bank.
“We do not want to just be here and the whole shares will go into the hands of the Central Bank and the Government of Ghana. I think that is not good enough. I supported the decision that we the farmers can now and buy by at least 20 % of the shares of the Bank”, Mr Ahiabu told Citi News.
adb IPO on hold
adb was scheduled to offload about 100 million shares representing 75 percent ownership to raise about GH¢300 million.
The workers at the bank, backed by the Union of Industry, Commercial and Finance Workers (UNICOF) however kicked against the IPO, demanding a detailed audit into the books of the bank.
The Minority also threatened to sue the bank.
This forced the bank to suspend the planned sale of its shares.
‘Sort out the issues’
President John Mahama on May Day subsequently announced that he had directed the Minister of Employment and Labour Relations, Haruna Iddrisu to resolve the impasse between adb workers and management.
However, the situation appears to have intensified with the staff seemingly unwilling to negotiate until their demands for the removal of the bank’s MD is met.
The workers of the Bank embarked on a strike last week, which was denied by the management, in a bid to push through their demands although they subsequently called it off.
By: Edwin Kwakofi/citifmonline.com/Ghana
Follow @EdKwakofi