The Agricultural Development Bank (ADB) has started looking for Mr Stephen Kpordzih’s replacement.

Mr Kpordzih, in a recent letter to the Board of Directors, did not express interest in a renewal of his contract. The Bank has accepted his resignation and started looking a successor.

ADB officially announced Mr Kpordzih’s resignation on Monday January 11 but added that its IPO continues as planned irrespective of the development.

A statement from the bank said its Board of Directors received a letter on 8 January, 2016 from Mr Kpordzih "stating his decision not to seek an extension to his contract, which expires on 31 January, 2016."

"The Board has accepted the Managing Director's decision not to seek an extension to his contract and is in the process of seeking his successor.

"ADB will make further announcements as required, in accordance with all applicable laws and regulations.