{"id":322256,"date":"2017-05-24T18:42:58","date_gmt":"2017-05-24T18:42:58","guid":{"rendered":"http:\/\/citifmonline.com\/?p=322256"},"modified":"2017-05-24T18:42:58","modified_gmt":"2017-05-24T18:42:58","slug":"adb-to-save-gh%c2%a224m-annually-from-acquiring-head-office","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/05\/adb-to-save-gh%c2%a224m-annually-from-acquiring-head-office\/","title":{"rendered":"ADB to save GH\u00a224m annually from acquiring head office"},"content":{"rendered":"
The Agricultural Development Bank (ADB) has disclosed that its plan to secure where it is currently headquartered, will ultimately save the bank about 24 million cedis annually.<\/p>\n
ADB\u2019s earlier decision to pay an annual rent of 5 million dollars at its current headquarters in 2015, generated a lot of controversy between the staff and the management.<\/p>\n
The bank is currently in discussions with the owner of the building to buy the facility.<\/p>\n
It is unclear how much it will cost.<\/p>\n
But speaking on the Citi Breakfast Show, Managing Director of ADB, Daniel Asiedu maintained that the bank will hugely benefit in the end.<\/p>\n
\u201cI think they are excited because after 55 years, we need our own head office and beyond that it saves us 55 million dollars and 24 million cedis will be saving because we will be capitalizing it\u2026It is a settled deal and once the new board is inaugurated, then we will continue,\u201d Daniel Asiedu stated.<\/p>\n
According to Mr. Asiedu, calculations by the bank have revealed that it will cost it about 14 years rent to meet the cost of buying the facility.<\/p>\n
\u201cInitially the old board thought it wasn\u2019t possible but I impressed on them to push the owners and find out and they are willing to sell and have given us an offer. Just looking at the yearly rent of 5 million dollars, about 14 years rent can pay for that and the Board has since agreed to this and that is what we are pursuing.\u201d<\/p>\n
ADB partners local company to build new head office<\/strong><\/p>\n Although ADB owns the parcel of land on which the edifice is cited, it entered into an agreement with the developers to build the structure under the name \u2018AGRIDEV.\u2019<\/p>\n This was in an agreement which saw the bank owning 10 percent while the developer owned the remaining 90 percent.<\/p>\n The issue came at a time that the company faced stiff opposition by the workers to the management decisions embarked on.<\/p>\n