Monday, 17 June

Gov't approves GH¢2.3bn to restructure, recapitalise NIB

Ministry of Finance

The government has approved GH¢2.3 billion for restructuring and recapitalising the National Investment Bank (NIB), with the first instalment of GH¢400 million expected to be transferred by the end of May 2024.

At the Ministry of Finance’s monthly briefing, Finance Minister Mohammed Amin Adam outlined the plan. 

"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 explained.

Dr. Amin Adam also highlighted the steps being taken to strengthen NIB’s governance, operational efficiency, supervision, and risk management to ensure its financial stability. “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 added.

Back in September 2023, the Minority Caucus in Parliament accused the government of planning to sell NIB to its allies. 

They claimed the government's proposal to merge NIB with the Agricultural Development Bank or possibly shut it down was a scheme for state capture. 

“This isn't about NIB's best interests. It's a step towards acquiring NIB and ADB through the back door,” said Isaac Adongo at a press briefing.