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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

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    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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    GHASALC laments drop on number of digital transactions following e-levy

    Italy’s top producers of agro-tech products explore opportunities in Ghana

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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ADB shows impressive half-year performance despite impact of COVID-19

byNerteley Nettey
August 7, 2020
in Banking And Finance, Top Stories
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The 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 including the financial sector.

But the unaudited half year results published by the Bank last week showed a growth in all key performances such as assets, deposits, loans, net interest income and others also saw an appreciable growth.

A press release issued by the Bank states that, the Bank’s total asset grew by more than GH¢800million or 17.17% from GH¢4.04billion to GH¢4.88billion on the back of 26.6% growth in the loan book from GH¢1.22billion to GH¢1.66billion from June 2019 to June 2020.

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It has been able to increase its deposits, despite the uncertainty of customers about how and what to save, from GH¢2.95billion to GH¢3.68billion, a difference of GH¢727.77million or 19.76percent growth.

Managing Director of the Bank, Dr. John Kofi Mensah, noted that 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. With our borders closed and other trading partners closing their borders, it meant that we are have to look inward to keep feeding ourselves and with strategic financing from us, our farmers and players along the agric value chain have not disappointed,” he said.

He touched on some of the bank’s initiatives including the comprehensive financing scheme for the poultry value chain, which he believes could make Ghana become self-sufficient in poultry production by 2022.

The bank recently presented a GH¢23.2million loan facility to six players in the poultry value chain and this is to be replicated nationwide within the next two years.

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

The project, expected to be replicated in six other regions of the country is being coordinated in partnership with the Ministries of Finance, and food and agriculture; and the Outgrower and Value Chain Fund (OVCF) and Ghana Incentive-Based Risk-Sharing System for Agricultural Lending Project (GIRSAL).

According to Dr. Kofi Mensah, the Bank’s digital banking products kept it in business during the period since customers could still do business without necessary being in the Banking halls.

“Being a caring bank we rolled out several digital channels and reduced the cost of using them to ensure our customers remained with us,” he said.

Dr. Mensah further noted that most of the loans were targeted at agribusiness so as to avoid any possibility of food shortage in the medium and long term.

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