The Professional and Managerial Staff Union (PMSU) of the Agricultural Development Bank (ADB) has warned the government against plans to merge the Agricultural Development Bank (ADB) and with the National Investment Bank (NIB), describing the move as counter-productive.
Instead, the Union advised that the government to channel its attention into paying debts it owes ADB after taking over the assets and liabilities of Unibank and Sovereign bank.
According to Mr James Obeng Gyan, Chairman of union, ADB has outstanding facilities valued over GH¢ 300 million with Unibank and the Sovereign Bank, which were taken over by government to form the Consolidated Bank.
Speaking at the ADB PMSU/ Union of Commerce, Industry and Finance Workers (UNICOF) Joint National Executive Council Meeting in Accra, Mr Obeng Gyan reiterated the union’s opposition to the proposed merger of ADB and NIB, saying the workers do not consider it appropriate.
The meeting had the theme “Ensuring Sustainable Growth of ADB: The Role of the Unions,”
Explaining PMSU reasons for not supporting the merger, local union chairman noted that ADB was financially strong enough and the human resource capital it required to run profitably.
“Looking at the balances of the two institutions, the ADB was much stronger than the NIB in terms of profit,” Mr Obeng Gyan.
He further suggested that it would be prudent for the government to offer assistance to ADB with some funds so as to enable it pursue customers who have defaulted in paying their loan facilities.
“Under the current management led by Dr John Kofi Mensah, the Managing Director, and with the support of the leadership of the Union and staff, ADB is growing stronger,” he confirmed
ADB’s core mandate was to support agri-business and agro-processing, he said, and cautioned government not to lose sight of the ADB oversight responsibilities of supporting government’s flagship programme; Planting for Food and Jobs, and the Planting for Crops and Exports.
By Appiah Acquaye/ www.adrdaily.com