Prof. Peter Quartey has been re-elected to the Board of Directors of the Agricultural Development Bank (ADB), for a second term. This was announced at the 34th annual general meeting (AGM) of the bank held on 14 August, 2021 in Accra.
“I am delighted about my re-election to the Board of ADB for the continued opportunity it offers me to serve. I look forward to working alongside the other board of directors and management to advance the goals of the bank and consolidate its strong performance,” he said.
Annual general meeting (AGM)
Besides giving shareholders the opportunity to consider, appoint and re-elect board directors, the 34th AGM provided a platform to consider and discuss key strategies and performance factors of the bank.
ADB made a profit after tax of GHC65.4 million in 2020 compared to GHC14.9 million in 2019, despite the adverse impact of the global pandemic. This represents over 400% growth in performance.
This was revealed by the Board Chairman of ADB, Mr Alex Bernasko. Mr Bernasko indicated that the size of the bank’s balance sheet experienced significant growth over the year from GHC4.6 billion in 2019 to GHC5.7 billion in 2020.
On his part, Managing Director, Dr John Kofi Mensah noted that the increase in profitability was driven by strong performance in treasury and credit operations funded by an aggressive deposit drive.
Dr Mensah highlighted the bank’s commitment to do more, despite its remarkable achievements, to embrace opportunities to achieve a state of excellence in assisting clients.
Appointment of Board of Directors
Prof. Quartey will be serving alongside other board members who represent various fields of society and professional practice. They are: Kwahuhene and President of the Kwahu Traditional Council, Daasebre Akuamoah Agyapong II; a Ghanaian politician, Alhaji Habib Iddrisu; and a professor of Plant Genetics, Prof. Eric Yirenkyi Danquah – confirmed by shareholders as the new directors of the ADB Board. Others are: Mrs. Mary Abla Kessie and Mr. Evron Rothschild Hughes who were also re-elected to the board.
ISSER congratulates Prof. Quartey on his re-election to the Board of ADB and wishes him good success.
Read more on the AGM here.