Josiah
The government has announced the approval of GH¢2.3 billion for the restructuring and recapitalization of the National Investment Bank (NIB).
The first tranche of GH¢400 million is expected to be transferred to the bank by the end of May 2024.
Announcing the approval at the Ministry of Finance’s monthly briefing, Dr. Mohammed Amin Adam stated that the restructuring and recapitalization process will also include strengthening the bank’s governance structure and operational efficiency, enhancing supervision, and improving risk management to ensure NIB’s financial viability.
“Ladies and gentlemen, as part of the implementation of the PC-PEG, the Cabinet has approved the plan for restructuring and recapitalizing 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 plan also includes measures to strengthen the governance structure and operational efficiency, enhance supervision, and improve risk management to sustain the financial viability of NIB.”
In September 2023, the Minority Caucus in Parliament alleged that the government was scheming to sell the National Investment Bank to its cronies following announcements to either merge the bank with the Agricultural Development Bank or dissolve it.
“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 ADB for themselves in a state capture,” Isaac Adongo said at a press briefing.
Source:Omanghana.com
