The government has approved GH¢2.3 billion for the restructuring and recapitalization of the National Investment Bank (NIB).
The first tranche of GH¢400 million is set to be transferred to the bank before the end of May 2024.
Finance Minister Dr. Mohammed Amin Adam announced this approval at the Ministry of Finance’s monthly briefing, stating that the process aims to strengthen the bank’s governance structure, operational efficiency, supervision, and risk management.
These measures are intended to enhance and sustain the financial viability of NIB.
“Ladies and gentlemen, as part of the implementation of the PC-PEG, the Cabinet has approved the plan for restructuring and recapitalization 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 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.”
In September 2023, the Minority Caucus in Parliament alleged that the government planned to sell the National Investment Bank to its allies.
This accusation came after the government announced intentions to either merge the bank with the Agricultural Development Bank or shut it down.
“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,” Isaac Adongo said at a press briefing.