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Business News of Tuesday, 25 July 2017

Source: The Daily Dispatch

Presidency, Finance Ministry clash over post of ADB MD

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Two weeks ago, President Akufo-Addo appointed Dr. John Kofi Mensah as the new Managing Director of the Agriculture Development Bank (ADB). He is to take over from the incumbent, Mr. Daniel Asiedu..

However, ongoing investigations by the Daily Dispatch have revealed that there are ongoing subtle attempts by some highly-placed officials at the Finance Ministry to maintain Mr. Asiedu at the ADB.

A source at the Ministry explained to the paper, "since the ADB is a listed company, there are procedures that have to be done before the new Managing Director can take office. For example, an Annual General Meeting (AGM) will have to beheld. From our information the appointment of Dr. Mensah has the blessing of the President, the Vice President and the Chief of Staff. However, certain officials here are planning to quietly scuttle Dr. Mensah's appointment, using some highly-placed officials at the Bank of Ghana."

As a background, below is the original news item announcing Dr. Mensah's appointment: Akufo-Addo Appoints Kofi Mensah As New MD

President Nana Addo Dankwa Akufo-Addo has appointed Dr. John Kofi Mensah as the Managing Director of the Agricultural Development Bank (ADB). can confirm the Chief of Staff Akosua Frema Osei-Opare has written to the Minister of Finance Ken Ofori-Atta to “kindly take steps to regularize the said appointment in accordance with the relevant provisions of the Companies Act and the Company’s Regulation.” The letter dated July 14, 2017 was also copied to the Company Secretary of ADB, the office of the vice president and the secretary to the president.

Dr. Mensah will be replacing Daniel Asiedu, who was appointed March 1, 2016. In 2016, Dr. Mensah was highly tipped to head to the GCB Bank having resigned from First Capital Bank and sailed through a series of interviews for the coveted job.

He was credited with overseeing the company’s transformation from a savings and loans firm into a full-fledged bank.

Before going to First Capital Plus as CEO, Dr. Mensah worked at uniBank as Deputy MD. He holds an MSc. degree in Banking and Finance from FINAFRICA in Milan, Italy and a BA degree in Economics and Statistics from the University of Ghana, Legon.

Prior to joining uniBank he worked at International Commercial Bank as the General Manager/Deputy CEO and supervised the organic growth of the bank. He has also worked with the erstwhile Bank for Housing and Construction and the Securities Discount Company Limited. Dr. Mensah has close to three decades of experience in banking with special expertise in Treasury Management, Credit Management, Foreign Operations amongst others.