Business News of Monday, 17 July 2017

Source: citibusinessnews.com

President nominates Dr. Kofi Mensah as MD of ADB

Citi Business News can confirm that President Akufo Addo has nominated Dr. John Kofi Mensah as the new MD of Agricultural Development Bank (ADB).

Dr. Mensah’s nomination is subject to approval by the Board of Directors of the bank.

If approved, he will take over from Mr. Daniel Asiedu, who was appointed MD of the bank on March 1st, 2016.

Despite a short stint at the bank, Mr. Asiedu who was a former MD of Zenith Bank Ghana is credited with ADB's listing on the Ghana Stock Exchange in 2016.

This was despite massive opposition from some stakeholders, a challenge his predecessor Mr. Stephen Kpodzi had to contend with before his resignation in January 2016.

John Kofi Mensah holds a Doctor of Business administration (DBA) Degree (Finance option) from the Swiss Management Centre University, Switzerland.

He also 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.

He has over twenty-six years experience within the banking industry with special expertise in Treasury Management, Credit Management, Foreign Operations and nurturing new and distressed banks and financial institutions.

He is credited with the transformation of First Capital Plus into a bank from a savings and loans company.

Prior to joining First Capital, he was the Deputy Managing Director of uniBank Ghana.

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.

Composition of ADB shares

The Bank of Ghana currently possesses 9.5 percent stake in ADB while government controls 32.3 percent.

Also, EDC Capital holds 6 percent while Belstar Capital controls 34 percent. Starmount Development Company Limited has -11 percent, with the remaining shares being controlled by the public.