ADB: Intrigues, Self-Interests  

Stephen Kpordzih

The tribulations, perhaps ordeal, Stephen Kpordzih has suffered as Managing Director of the Agricultural Development Bank (ADB) is telling. It is a classic example of how political intrigues can be unleashed on state-owned financial institutions as means of undermining them.

After they are sufficiently robbed of corporate deference such institutions are primed for eventual sale to party cronies, a ready source of money for the political war chest and individuals, regardless of the national interest. There is empirical evidence to back this hypothesis in the rather intriguing world of state-owned banks in Ghana under the ruling National Democratic Congress (NDC).

It is a project which has attracted thousands of dollars from those seeking the head of the managing director, his resistance a nauseating obstacle to them.

While some of such persons demanded loans of $1 million and others ten-fold of that amount, the story is that they have all largely met a stonewall, thanks to the stoicism of the man at the helm of the bank. From resisting abuse of office by board members we have learnt, to refusing to enjoy the pecks of his office – such as buying off a vehicle from the corporate institution – he has proven beyond reasonable doubt that he is ready to fight a battle of his career, the clout of the political giants on the other side of the trench not a source of apprehension.

There are many facts besides the foregone which the calm-looking Managing Director would rather remain in his chest far away from the prying eyes of the media. These when they find their way to the public domain, would add to the woes of state players and expose beyond words the wickedness of state players inordinately obsessed with using every opportunity that comes their way to fleece state-owned institutions, especially state-owned banks.

The face of workers' agitations kicking against the sale of the head office of the corporate organization is by itself one of the many pawns in the chess game that is ADB.

The story about whether or not the head office was billed for sale is now history as the matter is confined to the shelves.

Fact is that some NDC gurus, unable to lay hands on whopping amounts of money from the bank, have decided to teach the Managing Director a lesson.

They are sulking at his strict application of the rules which his powerful adversaries find not inuring to their individual causes and therefore have vowed to teach him a lesson.

We have learnt regrettably about the decision of the Managing Director to cease addressing the media on the developments within the institution, which was on the edge of the precipice.

Not even the good news about how foreign institutions such as the CDC and IFC have showed interest in putting their monies into the reawakening ADB would convince him to want to talk to the media after the major press conference recently.

Be it as it may, the gradual movement towards its listing on the Stock Exchange, which development denies the political mischief makers the opportunities of accessing the vaults of the bank, is something they continue to futilely fight.

Stephen appears ready to fight on. But whether he would survive the intrigues would depend on the support he gets from Mr. President.

It is a major test of the Commander-In-Chief's promise of ensuring transparency and corruption-free governance. Time will tell.