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The Agricultural Development Bank PLC (ADB) has firmly rebutted allegations concerning a questionable approval of a $750,000 contract, labeling the claims as baseless.



In a statement released by the Board of Directors, ADB emphasized that it operates under stringent regulatory oversight from the Bank of Ghana and the Securities and Exchange Commission, suggesting that any questionable contracts cannot be approved without thorough scrutiny.



The controversy centers on a contract renewal with Virtual Security Africa, which North Tongu Member of Parliament Samuel Okudzeto Ablakwa, also the chairman of President-elect John Mahama’s Operation Recover All Loot (ORAL), claims was approved under dubious circumstances. 



Ablakwa alleged that the contract was pushed through without undergoing essential processes such as auditing and negotiations.



In response, the ADB Board affirmed that all contract renewals were within its authority and necessary for ensuring uninterrupted services. 



“Every contract renewal approved by the Board was within its authority and in furtherance of the objectives of the bank,” the statement read.



The Board reassured stakeholders of its commitment to corporate governance standards, stating that it “remains focused and is effectively and professionally discharging its duties to safeguard the interests of all its stakeholders.”



Ablakwa criticized the outgoing government for disregarding warnings from the President-elect’s Transition Team to halt such last-minute transactions, further intensifying the scrutiny surrounding the contract approval.



As the situation develops, ADB&#8217;s response aims to clarify its position and uphold its reputation amidst ongoing allegations.

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ADB Dismisses Allegations Over $750,000 Contract Approval

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AUTHOR: Perpetual Tweneboah Koduah

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