The call for the dissolution of the Board of Directors of the Agricultural Development Bank (adb) and its Managing Director, Stephen Kpordzi, has taken a new twist. Workers of the state-owned bank recently held a news conference and alleged that the board and the MD should resign, because they had decided to write off the over GH¢90 million debt owed by Clear Skies.
But contrary to what the workers were alleging, a document in possession of The Chronicle clearly shows that the loan had not been written off, and that conscious efforts were being made to collect it.
In a letter dated April 9th, 2014, with the heading, INDEBTEDNESS TO THE BANK-CONVERSION OF DEBT INTO GHANA CEDIS AND DEMAND NOTICE and signed by James K. Agbedor, Board Secretary, Clear Skies were warned to retire the debt of face the consequences.
The letter reads: “We write to inform you that management has decided to convert all the credit facilities granted to you from United States Dollars into Ghana Cedis in accordance with the terms and conditions of the facility. “This, is in view of the fact that the export proceeds expected to service the facilities have ceased flowing in due to reasons you are siesed with resulting in your inability to service the facilities.
Source: allafrica
