Running Down NIB Harms Ghana’s Economy – Annoh-Dompreh Warns Minority

Frank Annoh-Dompreh, the Member of Parliament (MP) for Nsawam/Adoagyiri Constituency in the Eastern Region and Majority Chief Whip, has urged the Minority group in Parliament to refrain from undermining state institutions, particularly the National Investment Bank (NIB), at every opportunity.

The Nsawam/Adoagyiri MP emphasized that the manner in which the Minority, led by Mr. Isaac Adongo, the Ranking Member of Parliament’s Finance Committee, is running down the NIB could have severe financial repercussions for Ghana’s struggling economy.

Speaking to members of the Parliamentary Press Corps (PPC) in Accra on October 25, 2023, Annoh-Dompreh called on the Minority to stop politicizing NIB-related issues and, instead, encourage the government to recapitalize the bank to ensure its sustainability.

He stated, “What the government should be encouraged and urged to do is to help in the recapitalization but not to run down the bank. So, our colleagues in the Minority should stop this politicization of all matters, especially matters related to the financial sector.”

Annoh-Dompreh expressed concern about the Minority’s approach to addressing issues of national importance, highlighting their tendency to bring up matters in the public sphere without concrete facts. He urged them to exercise patience, conduct thorough investigations, and gather accurate information before making public statements.

The Minority in Parliament has recently called on the government to undertake substantial restructuring of the ailing NIB to prevent the bank from facing potential liquidation.

Reports have surfaced suggesting the possibility of ADB acquiring NIB, which currently carries liabilities exceeding GH¢2 billion. Annoh-Dompreh, however, dismissed the notion of an impending ADB-NIB takeover.

In the meantime, the Minority in Parliament has threatened to pursue legal action against the government if it proceeds with the proposed takeover involving the Agricultural Development Bank (ADB) and the National Investment Bank (NIB.