The Minority in Parliament has strongly objected to the naming of the NPP’s Parliamentary Candidate for Manso Nkwanta, Tweneboah Kodua Fokuo, as the new Managing Director of the National Investment Bank (NIB).
In a press release endorsed by Dr. Kwabena Donkor, the Ranking Member on the Committee on Employment, Social Welfare, and State-Owned Enterprises, the minority MPs voiced their apprehensions regarding the politicization of state-owned enterprises (SOEs).
They argue that such appointments erode public confidence in the government’s capacity to efficiently manage national assets.
Branding it a politically motivated appointment, the NDC MPs assert that the bank requires a leadership team with formidable managerial expertise and a robust recovery strategy to resuscitate its current “life support” status.
“To appoint a Parliamentary Candidate six months into an election beggars belief. The integrity and or the lack of it in this appointment is a clear sign that the Government and the Bank of Ghana have no desire to resuscitate the ailing Bank but are only interested in milking the dying cow.”
“The ignoble thinking behind the appointment must be condemned by all well-meaning Ghanaians,” the statement read.
These objections come following the announcement of Mr. Tweneboa Kodua Fokuo’s assumption of office as the Managing Director of the National Investment Bank (NIB), succeeding Samuel Sarpong.
His appointment becomes effective from Monday, May 13, 2024.
A memo circulated among staff members of the Bank clarified that Mr. Fokuo’s appointment was made by “the majority shareholder.”
It further detailed that Philip Ofori-Asante has been nominated as Deputy Managing Director, following Mr. Fokuo’s appointment.
However, the Minority in Parliament contends that the Bank of Ghana is mandated by Act 612 to approve all senior bank appointments in the Banking and Deposit-taking Sector.
Consequently, the BoG holds a legal obligation to halt this appointment in its regulatory capacity, “assuming the President is misled by Advisors for obvious political considerations.”
The Minority urged President Akuffo Addo to reconsider Mr. Fokuo’s appointment, urging him to prioritize the integrity and business sustainability of the National Investment Bank.
“We demand the reversal of this appointment and a more transparent and impartial selection process that prioritises merit, competence and meritocracy over political affiliation,” they added.