ADB-NIB merger will lead to about 800 job losses – NDC alleges

The Minority in parliament has alleged that the government’s decision to merge the National Investment Bank with the Agricultural Development Bank (ADB) will lead to several job losses.

According to the Member of Parliament of Bolagatanga Central, Isaac Adongo, it is an unwise decision being made by the government and a ploy to take full possession of the bank.

He added that there are other options the government can adopt to improve the bank’s viability instead of handing it over to ADB.

“I want to tell you that the bank itself was not established by the Companies Act, it was established by a National Investment Bank Act 612, and that Act is very clear under Section 22 under liquidation proceedings that nobody can liquidate or take any action that will ultimately lead to the demise of NIB unless it comes back to parliament for parliament to pass a law giving direction as to how that process should be pursued.

“So, there’s clearly a legal mandate, and that legal mandate rests with the people who set up NIB and it is the parliament of Ghana. So, we don’t expect anything other than a poor regulation action by the Central Bank under Act 930 either to bring it under administration, to revoke the license, or to place it under receivership as provided because they have a license from the Bank of Ghana,” he said while addressing the press on September 28, 2023.

Adongo also claimed that the government is finding a way to acquire NIB and ADB through inappropriate means.

“But it’s quite clear that’s not the action the Bank of Ghana wants to take, it is not the action the government is interested in, the only action left now is to come under Act 612 and particularly under Section 22 of the Act.

"It is clear that this is not about the interest of NIB. This is the last step towards passing through the back door to acquire NIB and ABD for themselves in a state capture," he said.

SSD/NOQ

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