ADB staff declare ‘Red Bands Month’

•   Head office of ADB.

• Head office of ADB.

The Agricultural Development Bank (ADB) PMSU and Local Union of UNICOF of the Trades Union Congress (TUC) has declared the month of July as “Red Bands Month” to press home their demand for the termination of appointment of their managing director.

The union said it had taken notice of government’s indication to UNICOF and the TUC that the ‘illegal’ re-appointment of the MD by the Board should be disregarded and “we shall ensure that the renewal will not happen when his tenure expires by the end of this month”.

In a press release issued on Wednesday, the union urged all its members of staff to “wear red arm bands throughout this month to intensify the pressure and to garner the needed momentum for our next line of action if the re-appointment is upheld at the end of this month.”

It urged the workers to reflect on the bad management style that had led to the sorrowful state of the bank, which is desperately in need of capital to survive.

“We need to reflect on the dubious sale of the bank’s properties. We find ourselves working under iron hands and a terrible corporate governance structure that consigns every employee to regimented rules that only serve the whims and caprices of the one “master” – who is infamously referred to as the commander,” it said.

“We also need to carefully reflect on the way and manner in which the current leadership of the bank is trying to rush the bank to the Ghana Stock Exchange (GSE). We were promised by the same leadership that the shares shall be sold to only Ghanaians but it has emerged in the prospectus that a whopping 40 per cent of the shares have been allotted to two foreign companies in the ratio of 25 per cent and 15 per cent respectively,” it added.

The statement questioned who were behind the two foreign firms and why two foreign entities must be allotted 40 per cent of the shares of the bank even ahead of the listing on the GSE.

“ What is somebody trying to protect? Is this arrangement even fit and proper given that ADB is a state-owned bank, which shares cannot be allotted in a manner that is coterminous with a sole proprietorship?” the statement asked.

By Times Reporter

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