The Majority Chief Whip, Frank Annoh-Dompreh has assured the general public that the National Investment Bank (NIB) is not for sale.
This comes amid accusations by the Minority in Parliament that the Akufo-Addo-led government and the Bank of Ghana (BoG) are plotting to sell the NIB to the Agricultural Development Bank (ADB). They argued that instead of the acquisition and liquidation of NIB, recapitalization should be the focus, citing a capitalization deficit of GH¢2.4 billion as the bank’s biggest challenge. Their analysis suggested that restructuring NIB’s balance sheet could generate over GH¢2.75 billion to address the deficit.
But addressing the media in Parliament on Wednesday, October 25, 2023, Mr Annoh-Dompreh, called on his colleague NDC MPs to refrain from undermining state institutions, particularly the National Investment Bank (NIB), at every opportunity they get.
The Nsawam/Adoagyiri legislator said the manner in which the minority, led by Isaac Adongo, the Ranking Member of Parliament’s Finance Committee, has been criticizing NIB has severe financial repercussions for Ghana’s struggling economy.
“The way and manner our colleagues on the opposite side go to the market with issues of national importance without any facts should be a concern to all. If they don’t have the facts, they should just be patient, investigate, and get the facts before they come out,” he cautioned.
Annoh-Dompreh emphasized “What the government should be encouraged and urged to do is to help in the recapitalization but not to run down the bank. So, our colleagues in the Minority should stop this politicization of all matters, especially matters related to the financial sector.”
He also accused the minority of attempting to run down indigenous banks with propaganda and called on the public to ignore the rants of the NDC MPs.
“So the least our colleagues can do is to at least be careful when commenting about a bank that is mandated by law to help shore up and develop our industry sector.”
