If you owe ADB, you need to pay to avoid its name and shame move

The Agricultural Development Bank (ADB) in Ghana has disclosed that it will publish the names and pictures of loan defaulters if they do not pay up within 30 days.

Agricultural Development Bank

The bank has added that for corporate bodies that are failing to pay back their loans, the names of the companies and their directors, as well as pictures, will be published, 3news.com reports.

The state-owned bank said the decision was reached after an approval was given by its board of directors.

ADB said this in a notice issued on Wednesday, January 22, 2020.

According to the statement, it will not hesitate to “use all lawful means necessary against defaulters” who fail to settle their indebtedness after the expiration of the 30-day grace period.”

Adding that “This publication shall be the beginning of series of actions the bank intends to take to remind its debtors of their debts and the need to settle their obligations,”

Loan defaulters have been asked to present a workable payment proposal for consideration, thus warning “failing which the bank shall be left with no option than to take drastic measures against any defaulters”.

Background

The Agric bank, on January 2 2020, was cleared by the Securities and Exchange Commission to issue 39 million ordinary shares to the Ghana Amalgamated Trust (GAT).

The move was in line with the bank’s bid to raise 127 million cedis to meet the Bank of Ghana’s minimum capital requirement.

The bank and four other local banks which failed to meet the 400 million-cedi capital requirement at the end of the December 31, 2018 deadline were saved with the announcement of liquidity support for being well-managed.

The Ghana Amalgamated Trust was subsequently formed in January 2019 financially support the five local banks.

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