Agricultural Development Bank of Ghana
Encyclopedia
Agricultural Development Bank of Ghana, commonly known as Agricultural Development Bank or ADB, is a government-owned development and commercial bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

 in Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...

. The bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

 is the first development finance institution established by the Government of Ghana. , the bank is one of twenty six (26) licensed commercial banks in Ghana.

History

ADB was established in 1965, by Act of Parliament to meet the banking needs of the Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...

ian agricultural sector in a profitable manner. Before its current name, the bank was known as the Agricultural Credit and Co-operative Bank. The bank changed its name in 1970, when the parliamentary statute was amended to grant the institution full commercial banking powers.

Overview

The Bank is a medium-sized development and commercial bank. , ADB was the leading financial institution in agricultural financing in Ghana, responsible for 35% of the total bank industry financing of agriculture. In September 2010, the bank was recognized as Bank Of The Year at the Africa Investor Agribusiness Awards, in Durban
Durban
Durban is the largest city in the South African province of KwaZulu-Natal and the third largest city in South Africa. It forms part of the eThekwini metropolitan municipality. Durban is famous for being the busiest port in South Africa. It is also seen as one of the major centres of tourism...

, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...

, the first institution so recognised, at this annual event.

Ownership

The bank's stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...

 is owned by the following entities:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Agricultural Development Bank of Ghana Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Government of Ghana||51.83
|-
|2||Bank of Ghana
Bank of Ghana
The Bank of Ghana is the central bank of Ghana. It is located in Accra and was formed in 1957. Its name is abbreviated to BOG.-Brief Historical Background:...

||48.17
|-
| ||Total||100.00
|-
|}

Products and services

In order to mitigate risk and maximize profits, the bank also engages in other types of banking beyond making agricultural loans. The range of services offered include: (a) Development Banking (b) Corporate Banking (c) Personal Banking (d) International Banking (e) Diaspora Banking Services (f) Treasury Management Services and (g) Money Transfer Services, in partnership with Western Union
Western Union
The Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Englewood, Colorado. Up until 2006, Western Union was the best-known U.S...

.

Branch network

The Bank maintains a network of fifty (50) branches located in all areas of Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...

. There are also an additional four (4) Farm Loan Offices and ten (ten) Agency Offices. This adds up to a total of sixty-four (64) service outlets, in addition to the bank's headquarters in Accra
Accra
Accra is the capital and largest city of Ghana, with an urban population of 1,658,937 according to the 2000 census. Accra is also the capital of the Greater Accra Region and of the Accra Metropolitan District, with which it is coterminous...

, Ghana's capital and largest city.

Governance

The Chairman of the Board
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...

 is Alhaji Ibrahim Adam and the Managing Director is Stephen Kpordzih.

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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