Bright Simons, Vice President of IMANI Africa, has raised concerns about the appointment of Mr. Tweneboa Kodua Fokuo as Managing Director of the National Investment Bank (NIB).
Mr. Fokuo, who is the New Patriotic Party’s Parliamentary Candidate for the Manso Nkwanta Constituency in the Ashanti Region, will assume the role on Monday, May 13, replacing Mr. Samuel Sarpong.
Mr Simons questioned the decision to appoint a parliamentary candidate for the 2024 election to lead a financially troubled state institution like NIB.
He expressed surprise that the Bank of Ghana would approve the appointment of a parliamentary candidate as CEO of a struggling state bank during an election year.
“You have a state-owned bank that has been struggling for years. It does not have enough capital & could have been shut down if it was private. Instead of bringing a turnaround specialist to fix it, Ghana govt promotes an MP aspirant who will be campaigning in 2024 as the new CEO!” he wrote in a post on X platform.
He added, “I am very curious to know what the @thebankofghana thought when they were informed & asked to approve a request that a VERY BUSY parliamentary aspirant for the ruling party should be the CEO of a struggling state-owned bank.”
Mr. Fokuo emerged victorious in the party’s parliamentary primary, defeating four other contenders. His appointment was announced in a memo to the bank’s staff, stating that he was appointed by “the majority shareholder.”