The Board of Directors of the Agricultural Development Bank (ADB) has defended its decision to renew a $750,000 contract in December, describing it as a routine process essential for maintaining critical services to the bank.

In a statement issued in response to media reports, the Board clarified that the renewal was approved within established procedures and emphasized that such actions are not out of the ordinary. The Board also reassured customers, shareholders, and the public that it remains committed to acting professionally and safeguarding the interests of all stakeholders.

The statement came amid concerns over the timing of the contract renewal, which occurred during a transition to a new administration. ADB’s Board stressed that the decision was made in compliance with regulatory oversight from the Bank of Ghana and the Securities and Exchange Commission, which monitor the bank’s operations.

“As a company, ADB operates through its duly appointed corporate organs, including the Board of Directors,” the statement said. “The Board remains fully committed to its responsibilities and does not suspend its duties following general elections.”

The Board further clarified that the contract renewal was part of its ongoing efforts to ensure the seamless operation of the bank and to continue providing essential services.

Source:TheDotNews