The Agricultural Development Bank (ADB) is set to build a one-stop location for financial services operation in Accra.
The Accra Financial Services Centre will be undertaken under a joint venture agreement with RMD Westport of South Africa and Rand Merchant Bank and is expected to be completed within 18 months.
Speaking at a sod cutting ceremony to officially commence work on the project, the Managing Director of the Agricultural Development Bank (ADB), Stephen Kpordzie said: “This is a project dear to the heart of the board, management and staff of the bank, in addition to giving the pursuit of giving ADB a permanent head office abode, this project adds to the testimony of the tangible progress over the years and especially in the last three years.”
The Accra Financial Services Centre, which will house the ADB head office departments and units will have 13,700m2 of prime office space and will benefit from the presence of an esteemed local banking institution. There would be a 300m2 of ground floor retail space while Phase II of the development will offer tenants an extra 4,000m2 of office space.
The project, which is scheduled to be completed in 18 months, is being done in partnership with RMB Westport and Rand Merchant Bank both of South Africa and Work will commence in two weeks time.
“The brand ADB is growing from strength to strength, as we forge such partnership, this project also comes at a time where we are marching towards listing on the Ghana Stock Exchange (GSE) to raise more capital to finance larger economic investments and activities,” Mr. Kpordzie stressed.
Meanwhile, the Bank of Ghana has pledged its support to efforts being made by ADB to list on the bourse. According to the acting Governor of the Central Bank, Dr Henry Kofi Wampah, his outfit is supportive of efforts by ADB listing on the GSE to raise additional equity to strengthen its capital base for a more effective financial intermediation.
The Accra Financial Centre will be situated near the Cedi House in Accra.