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16.04.2010 Business & Finance

Government has no intention to privatize ADB

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Accra, April 15, GNA - The Ministry of Finance and Economic Planning (MoFEP) has stated that government has no intention of allowing the Agricultural Development Bank (ADB) to enter into any form of partnership with any financial institution, local or foreign.

A press statement issued by Abdul Hakim Ahmed, media liaison of MoFEP, said government is committed to strengthening the capacity of ADB to enable it to play its core function of financing agricultural development in the country.

It said the new management of the Bank has a commitment to double the investment of the Bank in the agricultural sector.

The statement said MoFEP wishes to emphasize that at no point did the Finance Minister, Dr. Kwabena Duffuor, disclose to any media house that Dr. Percival Alfred Kuranchie of the National Investment Bank (NIB) was fronting the deal to privatize the ADB.

It also said that Dr Kuranchie was the Managing Director of ADB from 1989 to 2001 and was at the forefront in the crusade against the privatization of ADB prior to the assumption of office of President Mills in January 2009.


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