Why appoint a parliamentary candidate as MD for a struggling state bank? – Bright Simons to Akufo-Addo

The vice president of IMANI Africa, Bright Simons, has criticized President Nana Addo Dankwa Akufo-Addo’s recent appointment of Tweneboa Kodua Fokuo, as the new Managing Director, of the National Investment Bank (NIB).

Kokuo is the New Patriotic Party's Parliamentary Candidate for the Manso Nkwanta Constituency for the 2024 election.

Simons questioned the central bank's decision-making process, particularly considering the challenges facing NIB and the leadership required to address them.

“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 said in a Twitter post on May 11, 2024.

He continued “I am very curious to know what the @thebankofghana thought when they were informed & asked to approve a request that a VERY BUSY parliamentary aspirant for the ruling party should be the CEO of a struggling state-owned bank,” he said.

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

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

Furthermore, 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.

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! pic.twitter.com/7rmirFVhHO

— Bright Simons (@BBSimons) May 11, 2024

AM/SARA

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