Investigations conducted by The Statesman into the operations of the Agricultural Development Bank have revealed Government's determination to conclude the sale of the Bank of Ghana's shares in ADB before the end of the year. The paper says its sources in Government have indicated that negotiations over the share sales are nearing conclusion, with Stanbic Bank as the favourite. However, opposition to the proposed sale is growing, with members of the Tema District Council of Labour set to embark on a demonstration on Thursday, following the expiration of a two week ultimatum it gave Government to rescind its decision. The demonstrators would pass through the principal streets of Tema, after which they would move to Accra, and present copies of their Resolution to the TUC Secretary-General, and the Minister of Finance as well as Manpower and Employment, according to Godfried Odum, Acting Secretary of the TDCL. But some leading members of government appear to support the proposed sale. The Minister of Finance and Economic Planning, Kwadwo Baah-Wiredu, has told The Statesman that privatisation of ADB is expected to enhance the growth of Ghana's agricultural sector, given that the sale would come with certain guarantees. "The sale should also not negatively affect government revenue", he said. The Finance Minister believes ADB will continue to remain and grow as a major asset of Ghana even after the take over. Proponents of the share sales argue that in spite of the remarkable strides made by Ghana's only dedicated agric bank over the years, including the introduction of the Western Union Money Transfer, its performance in the agric sector has not been progressively impressive, with poor distribution and recovery of payments and loans. But the TDCL General Secretary disagrees, arguing that the defence put up by certain individuals that ADB needed a total of $250 million instead of its current $66 million to operate effectively, was flawed. "It is important to point out that this argument is flawed because it is not possible for any financial institution in the world to always have the ability to raise the needed capital required for a specific project". The practice, he explained, was for banks the world over, to place themselves in a position that "makes them credit-worthy for other financial institutions to make available to them the capital as and when they require." The Acting Secretary pointed out that it was government's responsibility to lead in the developing of the agricultural sector, since the sector was still developing. Meanwhile, the board of directors of Stanbic, the local subsidiary of Standard Bank of South Africa, has intensified their efforts to take over BoG's 49% shares and the 51 % shares of Government. Board Chairman of Stanbic, Emmanuel Asiedu Mantey, in an interview with The Statesman expressed confidence in Stanbic's ability to gain the shares, describing the workers of ADB who had consistently objected to the share offer as "myopic." He also confirmed hearing of "secret deals" between some staff of ADB and some multinational banks to apparently prevent Stanbic from securing the stakes. "I am aware of all these moves, but I believe that we are on the right track to attain the ultimate, considering our properly put up reputation that has seen us compete strongly on the continent." Head of Personal and Business Banking at Standard Bank of South Africa, Marius Wait, in an interview with The Statesman confirmed that there was a cordial relationship between them and Government, as well as the negotiation team over ADB. "We don't mind partnering with some banks to operate ADB. I believe that some people are holding positions they don't deserve, and think they could lose them when the bank is privatised, hence the baseless complaints, but we are still determined and well poised to take over the bank to help put Ghana's economy on a competitive level," he maintained. Source: The Statesman