Property for sale ADB sells head office for $10million

The ADB is selling its head office for $10million to pay a monthly rent of GHC1million.

  • Published:
Stephen Kpordzih, Managing Director of ADB play

Stephen Kpordzih, Managing Director of ADB

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The Agricultural Development Bank has put its Head Office for sale for a whooping $10million.

The move by management of the bank is to pay a monthly rent of GHC1million for a new office which has caused a controversy and dissatisfaction amongst the bank’s staff.

The bank is paying the one million cedis monthly rent to the AFC, a building it has 10% stake in.

Management of the bank, however, said the decision was a prudent one because about 40% percent of the head office staff were housed in other buildings in the city.

Concerns over dwindling fortunes of ADB Bank have caused the staff of the bank to push for the dissolution of its board.

Another key issue of concern to the workers of the state-owned financial institution is the alleged sale of its landed properties in prime locations such as Airport Residential Area, Roman Ridge, Sakumono, among others.

The workers are demanding immediate reversal and unconditional sale of the ADB House as well as suspension of the Initial Public Offer (IPO) of its assets.

The workers have also demanded for a comprehensive forensic audit to be conducted within the shortest possible time into the activities of the Board and the Managing Director.

These were contained in a resolution the workers passed at an emergency National Executive Committee (NEC) meeting of the ADB staff union in Accra.

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