The Minister for Finance, Dr. Cassiel Ato Forson, has inaugurated a new Board of Directors for the Agricultural Development Bank (ADB), charging the members to recommit themselves to the bank’s core mandate of supporting Ghana’s agricultural transformation and rural economic development.
Speaking at the official induction ceremony in Accra, Dr. Forson said the revitalisation of Ghana’s agricultural sector is a critical pillar of the government’s long-term economic strategy and underscored the vital role ADB must play in realising that vision.
“I have therefore tasked the new board to remain focused and guided by their primary mandate — serving Ghana’s agricultural sector,” he stated.
“No country can achieve sustainable growth without a vibrant and resilient agricultural sector.”
Govt assures recapitalisation by 2026
In a significant policy declaration, Dr. Forson announced the government’s intention to recapitalise the Agricultural Development Bank in 2026.
The move, he explained, is aimed at strengthening ADB’s financial base to enable it to expand its credit portfolio, improve its balance sheet, and more effectively finance agribusinesses and value chain initiatives across the country.
“We recognise the pressing need for greater capital support to unlock ADB’s full potential. The recapitalisation effort will ensure the bank can provide long-term financing to farmers and agribusinesses on more competitive terms,” he added.
Dr. Forson also reiterated the government’s expectation that all state-owned financial institutions operate with efficiency, prudence, and accountability, particularly in light of Ghana’s fiscal consolidation efforts under the IMF-supported programme.
Core agricultural mission
The newly inaugurated board is chaired by Mr. Kenneth Kwamina Thompson, a renowned finance and investment professional.
Mr. Edward Ato Sarpong, a former Deputy Minister for Communications and private sector executive, has been appointed Managing Director.
Other members of the board include Andrew Dari Chiwitey, Member of Parliament, Mr. Siisi Essuman-Ocran, Legal and financial consultant, Dr. E. Prince Arhin, MP and academic, Misbahu Mahama Adams, MP, Wing Commander Samuel J.A. Allotey (Rtd.), aviation consultant, Mr. Courage Akanwunge Asabagna, agriculturist and development expert and Mr. Abdul Nasir M. Saani, business strategist
Mr Thompson expressed gratitude for the trust placed in the board and affirmed their readiness to work collaboratively with management to position ADB as a more robust and mission-driven institution.
“We are committed to strengthening the link between agriculture and finance. We will work to reposition ADB as the leading financial partner for Ghana’s food security, agro-industrialisation, and rural transformation agenda,” he stated.
ADB posts modest growth in 2024
The Agricultural Development Bank recorded modest gains in its operational performance for the 2024 financial year, showing early signs of recovery despite persistent structural challenges within the broader agricultural financing ecosystem.
According to unaudited financial results total assets grew to GH₵8.9 billion, from GH₵8.2 billion in 2023 — a 8.5% increase.
Net loans and advances to customers stood at GH₵3.1 billion, a 5.3% increase year-on-year.
Customer deposits climbed to GH₵6.4 billion, up from GH₵6 billion in 2023.
Net interest income reached GH₵462 million, representing a 4.8% rise.
Profit before tax for 2024 was GH₵87 million, compared to GH₵61 million in 2023.
ADB’s cost-to-income ratio improved slightly, dropping from 84% in 2023 to 79% in 2024, a reflection of ongoing efforts to optimise operational efficiency.
However, the bank’s capital adequacy ratio remained a concern, hovering around the regulatory minimum, and prompting the urgent need for the government’s promised recapitalisation.
Deepening rural financial access
ADB continues to maintain a nationwide presence with over 85 branches, many located in peri-urban and rural communities.
The bank has also begun aligning more aggressively with agricultural value chain actors through the provision of input financing, warehouse receipt schemes, and commodity-backed lending.
Its recent digitalisation drive, including the rollout of mobile banking and agent-based platforms in farming districts, has begun to expand financial access for underserved populations.
The new board is expected to consolidate these gains and implement a new strategic plan aligned with the government’s broader agricultural modernisation and industrialisation goals under Ghana’s Planting for Food and Jobs Phase II and the Ghana CARES “Obaatanpa” programme.
A national asset at a crossroads
With agriculture employing more than 30% of Ghana’s labour force and contributing significantly to GDP, stakeholders believe ADB must take a front-line position in funding sustainable agri-finance solutions.
Finance Minister Forson concluded his address with a firm reminder that ADB is not just another bank, but a vital institution designed to serve a national mission.
“Let us restore ADB to its original vision — to be the heartbeat of agricultural transformation in Ghana,” he declared.
The new board begins its tenure at a time of growing pressure on state-owned financial institutions to deliver impact, transparency, and results.
