Ghana’s Agricultural Development Bank posts impressive results despite of COVID19 challenges

GHANA – Ghana’s Agricultural Development Bank (ADB) has posted impressive financial growth in its half year results even in the face of the Coronavirus pandemic that has wreaked havoc to all sectors of the economy.

A statement signed by Dr John Kofi Mensah, Managing Director of ADB said that the Bank’s unaudited half-year results published showed a growth in all key performances such as assets, deposits, loans, net interest income among others.

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ADB’s total asset grew by more than GH¢800million (US$138.25 million) or 17.17 per cent from GH¢4.04billion (US$698.18 million) to GH¢4.88billion (US$843.34 million).

The bank’s loan also grew to GH¢1.66billion (US$286.88 million)  a 26% rise when compared to the GH¢1.22 billion (US$210.84 million) recorded during the same period last year.

The Ghanaian Agricultural Development Bank has also been able to increase its deposits, despite the uncertainty of customers about how and what to save.

ADB’s savings grew from the 2019 figure of GH¢2.95billion (US$509.81million) to GH¢3.68billion (US$635.96 million) representing a growth of 19.76 percent.

ADB Ghana’s MD said the bank stayed true to its core business of financing agriculture and agribusinesses and with the pandemic, the nation needed to secure its food production process.

“The pandemic has shown to us that we are on the right path, when it comes to sustaining Ghana’s food security,” noted Dr. Mensah.

He further noted that with Ghana’s borders closed and other trading partners closing their borders, Ghanaians have to look inward to keep feeding ourselves.

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“With strategic financing from us, our farmers and players along the agriculture value chain have not disappointed.”

The Bank has recently rolled out a comprehensive financing scheme for the poultry value chain, which could make Ghana become self-sufficient in poultry production by 2022.

The Bank also recently presented a GH¢23.2million (US$4.01 million) loan facility to six players in the poultry value chain and was planning to replicate the same programme nationwide within the next two years.

“The facility would finance a comprehensive GH¢500 million programme, that will reduce reliance on imported chicken, protect the local currency and promote sustainable jobs in the agriculture sector,” ADB said.

ADB noted that the project being coordinated in partnership with the Ministries of Finance, and food and agriculture; the Outgrower and Value Chain Fund (OVCF), and Ghana Incentive-Based Risk-Sharing System for Agricultural Lending Project (GIRSAL).

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