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The government has approved GH¢2.3 billion for the restructuring and recapitalization of the National Investment Bank (NIB).
The initial payment of GH¢400 million is set to be delivered to the bank by the end of May 2024.
During the Ministry of Finance’s monthly briefing, Dr. Mohammed Amin Adam announced that the restructuring and recapitalization efforts will include enhancements to the governance structure, operational efficiency, supervision, and risk management to ensure the financial stability of NIB.
“Ladies and gentlemen, as part of the PC-PEG implementation, the Cabinet has approved the plan for restructuring and recapitalization of the National Investment Bank (NIB). This will involve an equity injection of approximately GH¢2.3 billion over the next 12 months, with the first installment 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 sustain NIB’s financial viability.”
In September 2023, the Minority Caucus in Parliament accused the government of planning to sell the National Investment Bank to its affiliates when it announced potential plans to merge the bank with the Agricultural Development Bank or dissolve it.
“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 ADB for themselves in a state capture,” Isaac Adongo stated at a press briefing.
