The government has approved GH¢2.3 billion to restructure and recapitalise the National Investment Bank (NIB).
The first tranche of GH¢400 million is expected to be transferred to the bank before the end of May 2024.
Finance Minister, Dr. Mohammed Amin Adam, outlined the comprehensive plan aimed at revitalising the NIB.
“The restructuring and recapitalisation process will involve strengthening the governance structure, enhancing operational efficiency, improving supervision, and bolstering risk management to ensure the bank’s financial viability,” he stated.
“As part of the implementation of the PC-PEG, the Cabinet has approved the plan for restructuring and recapitalisation of the National Investment Bank (NIB). This will involve a programmed equity injection of about GH¢2.3 billion over the next 12 months, with the first tranche of GH¢400 million expected to be transferred to NIB before the end of this month”.
The finance minister emphasised that the measures aim to improve and sustain the financial health of NIB.
“The plan includes strengthening the governance structure and operational efficiency, enhancing supervision, and improving risk management to ensure the financial viability of NIB,” he added.
“The plan also includes measures to strengthen the governance structure and operational efficiency, enhance supervision, and improve risk management to improve and sustain the financial viability of NIB.”
However, the Minority Caucus in Parliament in September 2023 alleged that the government was scheming to sell the National Investment Bank to its cronies when it announced plans to either merge the bank with the Agricultural Development Bank or collapse.
“It is clear that this is not about the interest of NIB. This is the last step towards passing through the back door to acquire NIB and ABD for themselves in a state capture,” MP Bolgatanga Central Isaac Adongo said at a press briefing.