Prof John Gatsi, the Dean of the University of Cape Coast Business School, praised the government for putting GH¢4 million into National Investment Bank to help it grow.
He asked the finance minister to help the bank because it has been important in funding projects in the country.
“For a while, people have been saying that the Minister should use his position to help NIB get more money. ” NIB has been giving money to help projects in the country like farming, rubber plantations, and construction. They want to be a bank that helps the country to grow.
“This is what we expected for a long time. ” For about four or five years, no one knew why the government ignored NIB.
Prof Gatsi said NIB has been in trouble for a while, so the government needs to make sure it gives the bank some money.
He also said that if the bank fails, the government will be responsible.
“The bank has been having some problems. If the government gives it more money, that would be good news. ADB wanted to join with the bank, but people were very upset about it. ”
“Now that the Minister said they will give the bank money in the budget, all I can say is they need to pay attention and give the bank money. If they don’t, people will blame the government for the bank failing. ” He
The finance minister announced the 2024 budget in Parliament on November 15, 2023. They said that the Financial Sector Strengthening Strategy (FSSS) was created to help lessen the effects of the government debt on the financial sector. It aims to solve old problems from the financial sector clean-up that happened from 2017 to 2019.
He said the Fund has two parts. One part has $250 million from the World Bank for banks and financial institutions. The other part has $500 million from the Ghanaian government to help state-owned financial institutions. It could also help other Ghanaian-controlled financial institutions to become financially stronger after the Debt and Distressed Entities Programme (DDEP).
Ken Ofori also said, “Mr. n The speaker said that the 2024 Budget includes a plan to give GH¢4 billion to help the National Investment Bank (NIB), struggling SDIs, and other old problems in the financial system.
Source: The Independent Ghana