Sale of ADB head office suspended as Board mulls over options

The Management of ADB has announced that it has suspended the sale of its head office.

The management of the pro-agric bank told reporters at a press conference on Thursday that the Board is mulling over its options.

The government-owned bank became the subject of controversy after news that it had disposed off its head office for $10million.

The bank has moved into a new office at the Accra Financial Center for a reported 1million cedis monthly rent excluding utilities and parking.

The Managing Director of ADB, Stephen Kpordzi, explained that the Bank rented a total space of 7,250 square metres and each square metre costs $37. This means that the rent of the Bank can go up when the cedi loses value against the dollar.

The Bank is also paying $67,260 monthly for parking.

The decision to move has sparked dissatisfaction among the Bank’s staff, who have questioned the factor of prudence in the decision.

In defense, the Bank has said, the relocation is to house all headquarters staff in one building.

The Bank said paying utilities and rent for different locations of its headquarters was not in its interest.

At the press conference, however, the Bank could not immediately provide data to support the claim of cost-effectiveness which informed the relocation.

Officials promised to furnish the media of details soon.