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ADB renting offices built on land it owns

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ADB1The building which the Agriculture Development Bank (ADB) is currently renting for its head offices is sitting on land it owns, sources familiar with the situation have told ghanabusinessnews.com.

According to the sources, the land on which the Accra Financial Centre office complex where the bank is renting spaces for its head office is on a parcel of land that belongs to the bank.

“It’s so hard to understand the dynamics of the deal,” one source said.

When ghanabusinessnews.com called the Public Relations Officer of ADB, Mr. Dan Koomson to seek further information on the matter of the land, he simply said he has no information on that.

Meanwhile, one source has told ghanabusinessnews.com that the building belongs to South African bank, FirstRand, but ghanabusinessnews.com is unable to confirm this.

FirstRand has some investments in Ghana. It is the sponsor of the Nungua Mall, it owns both equity and debt in that property, it funded Gridco, the Ghana Ports and Habours Authority and some other projects in the country.

The bank is reportedly paying a monthly rent of GH¢1million, excluding utilities and parking.

The Managing Director, Stephen Kpordzi, had explained that the Bank rented a total space of 7,250 square metres and each square metre costs $37. The Bank is also paying $67,260 monthly for parking.

By Emmanuel K. Dogbevi

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One comment

  1. What is the economic reasons for the this move by ADB. We need clarification before we make our comments. At least the ordinaryGhanaian needs clarification for such a move.