The Board of Directors of the Agricultural Development Bank (ADB) Plc has defended the recent renewal of a $750,000 contract, describing it as a routine and essential measure to maintain the bank’s critical services.

The statement comes in response to allegations raised by Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu and Chairman of the “Operation Recover All Loot” (ORAL) committee.

Mr Ablakwa criticised the move, accusing the Akufo-Addo/Bawumia administration of engaging in “reckless and unpatriotic” actions by approving controversial contracts during the political transition period.

In a post on X (formerly Twitter), Mr Ablakwa claimed to have intercepted memos suggesting that government officials were pressuring institutions to expedite payments ahead of the new administration’s inauguration on January 7, 2025.

He pointed specifically to the $750,000 electronic servicing contract, allegedly approved by ADB’s Board of Directors just days prior.

+He further alleged that insiders at the bank reported political pressure to ensure payment by December 27, 2024.

ADB Board Responds

In a formal statement, the ADB Board refuted Ablakwa’s claims, asserting that the contract renewal adhered to established procedures and regulations.

“The Board would like to assure its esteemed customers, shareholders, and the general public that it remains focused and effectively and professionally discharges its duties,” the statement read.

The Board emphasised that the renewal was a routine decision necessary for the uninterrupted delivery of essential services. It clarified that the bank’s operations, including contract renewals, are governed by corporate organs such as the Board of Directors and operate under the oversight of the Bank of Ghana and the Securities and Exchange Commission.

“To ensure effective corporate governance and maintain the bank’s safe operation, the Board does not freeze or abdicate its responsibility after elections,” the statement continued.

The ADB Board reiterated its commitment to professionalism and stakeholder interests, assuring the public that all actions were aligned with the bank’s objectives and within its authority.

Background and Political Context

Ablakwa’s criticism forms part of broader allegations of “midnight contracts” purportedly rushed through by the outgoing administration.

He has accused government officials of prioritising political interests over public accountability, describing these actions as detrimental to the nation’s resources.

However, ADB’s Board maintains that the contract renewal was neither irregular nor influenced by external political pressures, portraying it as a standard procedure required to ensure operational continuity.