The government has given the green light for a GH¢2.3 billion bailout package to restructure and recapitalize the National Investment Bank (NIB), with an initial payment of GH¢400 million slated for transfer by the end of May 2024.
During the Ministry of Finance’s regular monthly briefing, Finance Minister Mohammed Amin Adam unveiled the government’s plan, providing details on the strategy and its implementation.
“As part of our economic growth programme, the Cabinet has approved the restructuring and recapitalisation of NIB. This includes an equity injection of GH¢2.3 billion over the next 12 months, starting with GH¢400 million this month,” he said.
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According to Dr. Amin Adam, the government is taking decisive steps to reinforce NIB’s governance framework, boost operational efficiency, strengthen supervisory oversight, and implement robust risk management strategies, ultimately ensuring the bank’s financial resilience and sustainability.
“The plan includes measures to enhance the governance structure, improve operational efficiency, increase supervision, and boost risk management to sustain NIB’s financial viability,” he said.
Last September, the Minority Caucus in Parliament made accusations that the government was plotting to offload the National Investment Bank (NIB) to party allies, raising red flags about possible cronyism and favouritism.
They alleged that the government’s plan to either merge the National Investment Bank (NIB) with the Agricultural Development Bank or potentially liquidate it was a covert attempt to hijack state assets.
“This isn’t about NIB’s best interests. It’s a step towards acquiring NIB and ADB through the back door,” Isaac Adongo said at a press briefing.
