• Stephen Kpordzih informed board he won't seek contract renewal
  • Company seeking succesor to Kpordzih amid IPO process

The managing director of Ghana’s Agricultural Development Bank will step down at the end of the month as the state lender continues working on an initial public offering.

Stephen Kpordzih sent a letter to the bank’s board on Jan. 8 saying he won’t seek an extension of his contract that ends on Jan. 31, the Accra-based lender said in an e-mailed statement on Tuesday. ADB is in the process of seeking a new managing director, the bank said.

The state lender delayed its IPO at least twice last year because of opposition from Parliament and unionized employees who accused the bank of not seeking proper approval for the offering. The company reopened the IPO process in December after two petitions were withdrawn from the Supreme Court in December.

The IPO reopened on Dec. 23 and will close on Feb. 26. The shares will be listed on March 23 on the Ghana Stock Exchange. The lender wants to raise as much as 400 million cedis ($102 million.)

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