Stop politicizing NIB restructuring– Annoh-Dompreh to Minority

Source The Ghana Report

The Majority in Parliament has urged the Minority to stop politicizing matters related to the National Investment Bank (NIB) and rather encourage the government to recapitalize the bank.

The Minority in Parliament has kicked against the decision by the government and the Bank of Ghana (BoG) to allow the Agricultural Development Bank (ADB) to acquire the National Investment Bank (NIB).

It said instead of the acquisition and the subsequent liquidation of NIB, the government and the BoG must recapitalise NIB to make it more liquid.

Addressing the media in Accra on Wednesday, October 25, the Majority Chief Whip, Frank Annoh-Dompreh, said, “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.

“If they don’t have the facts, they should just be patient, investigate, and get the facts before they come out,” he added.

Recent reports have indicated the possibility of ADB acquiring NIB, which is facing significant financial challenges with liabilities exceeding GHS 2 billion.

According to the reports, the government came to this decision because it is unable to continue advancing financial support to NIB.

Meanwhile, the Minority in Parliament has threatened to take legal action against the government over attempts to finalise the takeover between ADB and NIB.

The Ranking Member of Parliament’s Finance Committee, Isaac Adongo, accused the government of having an ulterior motive in the liquidation of NIB.

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