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Business News of Friday, 1 February 2013

Source: GNA

Management of ADB urged to eliminate politics in its operations

The Africa Development Bank (ADB) cannot make any meaningful contributions to solutions of the problem of economic and social under development of the continent if it continues to place undue emphasis on political ideologies.

Dr Kwame Donkoh Fordwor, a former President of the bank, said it was neither desirable nor helpful that political dimensions should be the sole factor in every case.

Dr. Fordwor said this at the inaugural lecture organized by the Ghana Academy of Arts and Science in Accra on Friday.

He said for the Bank to make a unique contribution to the development of the region, it would need to address a number of outstanding governance issues that have existed since its establishment.

“Stakeholders need to reform the governance structures of the Bank to ensure that various constitutional bodies of the bank can work in harmony,” he said.

The bank’s relations should be made less politicized and steps should also be taken to put in place all the necessary checks and balances.

The Former President said management culture of the bank also needed to be changed to recognize the primacy of law, while the business of the bank should be conducted in accordance with established rules, regulations and procedures.

He said if ADB is to realize its full potentials as catalyst for development, its members needed to clarify the rules and regulations applicable to its operations and ensure strict adherence to those rules and procedures at all times.

Dr. Fordwor said where necessary to change any rules and regulations, management should have the courage to determine that change adding that that was the only way the bank would be able to operate to the satisfaction of its members and give all of them a stake in its success.