Akufo-Addo appoints NPP PC for Manso Nkwanta as MD of NIB

In a move that has sparked debate, President Nana Addo Dankwa Akufo-Addo has appointed Mr. Tweneboa Kodua Fokuo, the New Patriotic Party’s (NPP) parliamentary candidate for Manso Nkwanta, as the Managing Director of the National Investment Bank (NIB).

This decision comes amidst concerns raised by notable figures such as Bright Simons, Vice President of IMANI Africa, regarding the suitability of a political candidate leading a financially distressed state institution.

Mr. Fokuo, who emerged victorious against four other contenders in the NPP’s parliamentary primary, is set to succeed Mr. Samuel Sarpong, the outgoing MD of NIB, effective Monday, May 13.

According to reports, a memo to the bank's staff highlighted Mr. Fokuo's extensive experience and the expectation that he will guide the bank towards a prosperous future.

Furthermore, Mr. Philip Ofori-Asante has been nominated as Deputy Managing Director. His banking expertise is anticipated to contribute significantly to the bank's recovery efforts. The memo reassured that the ongoing restructuring and transformation efforts at NIB would continue under the new leadership, with the support of the Board and close collaboration with management.

However, the appointment has raised eyebrows, particularly with the Bank of Ghana's approval of a parliamentary candidate as CEO of NIB during an election year.

Bright Simons expressed skepticism on social media, questioning the government's decision not to appoint a turnaround specialist for the struggling bank, which he noted lacks sufficient capital and could have faced closure if it were a private entity.

“You have a state-owned bank that has been struggling for years. It does not have enough capital & could have been shut down if it was private. Instead of bringing a turnaround specialist to fix it, Ghana govt promotes an MP aspirant who will be campaigning in 2024 as the new CEO!” he wrote.

GA/SARA