ADB reiterates commitment towards agribusiness finance

by Business Zone

Management of the Agricultural Development Bank (ADB), has reiterated the bank’s commitment towards supporting the growth of Ghanaian farmers and agribusinesses to thrive.

In that regard, the Bank said, procedures have been enhanced to increase the current loan portfolio to farmers from the existing 28 percent to 50 percent by 2022.

Board Chairman of the Bank, Alex Bernasko, revealed this at the bank’s 33rd Annual General Meeting, saying,  “our focus on agric development remain same and the bank regards farmers and the agribusinesses sector as integral part of the bank’s existence.”

He added, “Currently we are doing some 28 percent but that’ll progress to 50 percent in two years’ time and we are committed to achieving that.”

The bank recorded a profit of Ghc14.8 million in 2019, compared to GHc5.9 million in 2018.

The Bank showed some gains in its interest margin which improved from 55.4 percent in the preceding year to 61.1 percent in 2019.

Retail deposit also increased by 31.2 percent, from GHc2.6 billion in 2018 to GHc3.4 billion in 2019.

This fundamentally resulted in a 27 percent balance sheet growth and accounts for the 28 percent increase in gross loans from GHc1.5 billion in 2018 to GHc1.9 billion with the attendant improvement in the ratio of Non-Performing Loans (NPLs).

Managing Director of the Bank, Dr. John Kofi Mensah said the Bank will intensify its e-commerce products and services to customers. “We are in the process to completing the migration from Magnetic Stripe Cards to a much more secured EMV Chip and Pin Cards. This is part of the banks priority cards to ensure the enhancement of Mobile App and USSD.

Source: BusinessZone Online

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