That bank must be killed! – Franklin Cudjoe on GH¢2.3 billion NIB recapitalization

The President of IMANI Africa, Franklin Cudjoe says successive governments have looted the National Investment Bank (NIB).

This follows the Ministry of Finance stating that the cabinet has approved a whopping GH¢2.3 billion to restructure and recapitalize the National Investment Bank (NIB).

Addressing the media at his monthly briefing on the economy, the sector minister, Dr. Mohammed Amin Adam disclosed that the first tranche of GH¢400 million is expected to be transferred to the bank before the end of May 2024.

According to him, the move is also geared toward strengthening “the governance structure and operational efficiency, enhancing supervision, and improving risk management to improve and sustain the financial viability of NIB.

“As part of the implementation of the PC-PEG, the Cabinet has approved the plan for restructuring and recapitalization of the National Investment Bank (NIB).

"This will involve a programmed equity injection of about GH¢2.3 billion over the next 12 months, with the first tranche of GH¢400 million expected to be transferred to NIB before the end of this month,” Dr. Adam stated.

Commenting on the development, Mr. Cudjoe lamented how despite the several administrations looting the NIB, they also keep fuelling it with the taxpayer’s money.

“That bank must just be killed. Politicians of all shades have pillaged the state bank and yet, successive governments keep fueling it with our taxes, especially during elections!

“The state’s loot-happy bank has never recorded a $1 profit since 2013. Even in a debt-distressed state, we continue this shackling! This is completely unacceptable!” IMANI Africa boss stated.