The Minister for Finance, Mr Ken Ofori-Atta, has urged members of the Board of Directors of National Investment Bank (NIB) to put in measures to turn around the fortunes of the Bank to position Ghana as an industrial hub on the Africa continent.
He said resources must be channelled through NIB to expand local industries and build Ghana as an industrial base.
“We have a documented history of outsourcing most of our productive capacity, and consequently, we have lost our industrial base. To transition towards a resilient economy, it is clear that we have to direct resources through NIB to fund the collective expansion of our local industries,” he added.
The Minister, who said this at the inauguration of the Board in Accra, charged the Board to work with Ghana Amalgamated Trust (GAT) to quicken recapitalisation and reposition the Bank as a modern industrial, financial institution.
He emphasised that supporting the expansion of Ghana’s industrial capacity was vital to the structural change of the economy.
On his part, the Board Chairman, Mr Kofi Owusu Sekyere, pledged that the Board would do its utmost to improve the industry in line with the government’s industrial transformation agenda.
He said, “I would also like to assure the Minister that steps would be taken to restore NIB to its core mandate of providing critical financial and advisory services to industry.”
He disclosed that the relocation of the Head office from the Accra Central Business District had significantly enhanced the image of the Bank.
“This reinvigorated image we believe can be leveraged to enhance the bottom lines of the NIB.”
The NIB in 2020 received GH¢800million capital injection from the government to expand liquidity.
In addition, the Bank introduced some reforms: policy guidelines for the Board, management, and staff, all to solidify its status.
Other members of the Board are Mr Samuel Sarpong, Mr Michael Ayesu, Mr Dennis Adjei Dwomah and Mrs Lynn Allotey Gadzepo. The rest are Mr Ken Kanyagui, Mr Kow Amponsah Sam, Mr Kofi Okyere-Agyekum and Dr Gideon Boako.
Patience Anaadem, ISD
