Stephen Kpordzih resigns from adb

The Managing Director of the Agricultural Development bank (adb) has resigned from his position. This takes effect from January 11, 2016.

A letter he sent to the Board Chairman of adb said “In view of the expiration of the extension of my contract of employment on January 31 2016, I write to notify you of my decision not to seek any further extension. I would therefore like to proceed on leave effective January 11, 2016.”

This follows an earlier story reported by Citi FM  that the board had written to Mr. Kpordzih to notify him of non-renewal of his contract.

In September 2015, Stephen Kpordzih’s contract was extended for six months after it expired in July 2015.

A letter of extension of duration of contract signed by the bank’s Board Chairman, Nana Soglo Alloh IV, addressed to Stephen Kpordzih and copied to the secretary of President John Mahama, Chief of staff and the Finance Minister cited at the time, stated that his extension took effect from August 1st, 2015.

Genesis of Kpordzih’s woes

Mr. Kpordzih has been heavily criticized over moves by the bank to launch its Initial Public Offer (IPO).

The launch however took off on the 23rd of December, 2015.

The launch was  put on hold several times following a number of law suits filed against the bank over the decision to launch an IPO without parliamentary approval.

The last suit that was filed against the launch of the offer was by the Member of Parliament for New Juaben South, Mark Assibey Yeboah, but was later withdrawn.

His lawyer, Alexander Afenyo Markin, who announced that at the Supreme court in October, 2015 said the decision to withdraw the case was due to assurances by management of ADB to engage parliament to resolve the issues of contention.

But the reason cited was vehemently denied by lawyer for ADB Tony Lithur, who stated that his clients never held talks with the plaintiff.

There has been massive opposition to Stephen Kpordzih’s continuous stay in office by the bank’s workers’ union, accusing him of mismanaging the bank.

They subsequently called for his resignation and the dissolution of the bank’s board

The workers accused the MD and the board of selling the bank’s head office for $10 million only to rent a facility at the cost of GH1 million a month.



Source: citifmonline