The Agricultural Development Bank PLC (ADB) has recorded a profit after tax of GH¢81.6 million in 2021, up from the GH¢65.4 million the bank posted in 2020.

This represents over 24.8 percent growth, leading to a return on equity and return on assets of 12.09 percent and 1.81 percent respectively.


Addressing the 35th annual general meeting (AGM) of the bank in Accra on August 10, the Chairman of the Board of Directors, Daasebre Akuamoah Agyapong II, said the bank was more profitable, although the economy was yet to fully recover from the coronavirus (COVID-19) pandemic.

“Esteemed shareholders, I am pleased to note that although the economy was yet to fully recover from the ravages of the pandemic, year on year, the bank was more profitable, posting a profit after tax of GH¢81.6 million.”

“This represented 24.8 percent growth in performance in 2021, occasioning a return on equity and return on assets of 12.09 percent and 1.81 percent against 7.69 percent and 1.14 percent in that order respectively,” he said.

According to him, the size of the bank’s balance sheet grew over the year from GH¢5.7 billion in 2020 to GH¢6.5 billion in 2021 representing 12.9 percent growth.

He said the non-performing loan portfolio of the bank witnessed a reduction from 34 percent in 2020 to 31 percent in 2021.

Daasebre Agyapong said the bank’s target was to bring the NPL ratio within industry brackets by 2023.

He said deposits grew by 15 percent from GH¢4.2billion in 2020 to GH¢4.9 billion in 2021.

By the end of 2021, he said the capital adequacy ratio was 14.49 percent, above the regulatory minimum of 11.5 percent.

“The bank also added two more branches to its network at the University of Ghana, Legon, Accra and Wisconsin University Campus, Haatso, Accra, thus, increasing its network from the previous 82 to 84,” he said.

Strategic Plan

The Managing Director (MD) of the bank, Dr. John Kofi Mensah, said the bank continued to operate its three-year strategic plan (2019- 2022) which refocused on agricultural value chain businesses.

According to him, the bank deepened its financial intermediation in the agricultural sector in 2021 in line with its strategic objective to significantly increase the share of agricultural loans in the bank’s total loan portfolio.

He explained that a lot more focus was given to the provision of loans to meet the working capital and capital expenditure needs of players in the agricultural value chain not excluding animal and crop farmers, aggregators, agro-processors, agro-marketers and input distributors.

“To provide a ready market for farmers financed by the bank and those operating under the Planting for Food and Jobs Campaign, the bank in 2021 approved an amount of GH¢160.0 million as working capital to the National Food Buffer Stock Company Limited to procure the produce from farmers for supply to critical national institutions such as Senior Secondary Schools and for storage as food buffer,” he said.

Active partner

The MD said the bank, in 2021, continued to be an active partner in the implementation of the One District One Factory Programme (1D1F).

He said as of year-end 2021, the bank had approved a total of GH¢113.87 million in respect of 18 viable projects to undertake among other things, broiler production and processing, fruit processing, general manufacturing, construction, jute bags production as well as fish farming and processing.