Government denies selling shares in ADB

Accra, April 17, GNA - The Ministry of Finance and Economic Planning on Tuesday repeated that government had not sold its shares in the Agricultural Development Bank (ADB) to Stanbic Bank. "The Ministry wishes to reiterate that no such decision has been taken," a statement signed by Professor George Gyan-Baffour, Deputy Minister of Finance and Economic Planning, said on Tuesday. "Neither government nor the Bank of Ghana has sold its shares in ADB to Stanbic Bank," the statement added.

The Ministry, in a statement issued about a month ago explaining that the government received an unsolicited proposal from Stanbic Bank last year.

It then formed a committee made up of officials of the Ministry and the Central Bank to review the proposal and suggest an appropriate response.

"The committee is yet to submit any report to government. To this end, we wish to confirm that government has not taken any decision on the sale of its shares in ADB."

The Ministry said the 2007 Budget Statement and Economic Policy stated government's intention to rationalize its participation in the banking industry.

However, this rationalization would be done taking cognizance of the role these banks played in the Ghanaian economy, the Ministry said.