Minority Raises Concern over Government’s Merger of NIB and ADB, Predicts Job Losses

The National Democratic Congress (NDC), representing the Minority in Parliament, has expressed apprehension over the government’s decision to merge the National Investment Bank (NIB) and the Agricultural Development Bank (ADB), citing potential job losses as a consequence.

Isaac Adongo, the Member of Parliament for Bolgatanga Central, criticized the government’s swift action, alleging that it was an attempt to gain complete control over the bank. He argued that instead of handing over the bank to ADB, the government had other viable options to enhance its sustainability.

Highlighting the legal framework governing the establishment of NIB, Adongo emphasized that the bank was created under the National Investment Bank Act 612. He pointed out that according to Section 22 of this Act, no action leading to the demise of NIB could be taken without parliamentary approval.

Adongo further alleged that the government was pursuing inappropriate means to acquire NIB and ADB for its own benefit, bypassing the Bank of Ghana and disregarding the interests of NIB.

The NDC representative cautioned against a potential acquisition of the banks through backdoor tactics, insinuating a state capture initiative. He called for adherence to the legal mandate and parliamentary involvement in any decision concerning NIB and ADB.

These concerns raised by the NDC reflect the ongoing debate surrounding the government’s proposed merger and its potential impact on job security within the banking sector.