The National Investment Bank (NIB), a financial institution of significant importance in Ghana’s economic landscape, has been a topic of recent debate. Allegations concerning the bank’s potential sale, as alleged by the National Democratic Congress (NDC) minority spokesperson on Finance, Isaac Adongo has prompted Frank Annoh-Dompreh, the Majority Chief Whip and Member of Parliament for Nsawam Adoagyiri, to provide a comprehensive response.

His statements, issued during an engagement with members of the Parliamentary Press Corps (PPC) in Accra on October 25, 2023, not only sought to dispel these allegations but also offered insights into the government’s approach to NIB.

Mr. Annoh- Dompreh began by emphasizing that the NIB is not on the market, stating, “The NIB is not for sale.” He firmly rejected the claims made by the NDC minority. He detailed how the current management, under government guidance, has implemented a range of strategic measures to enhance the bank’s financial position. He said, “What the government should be encouraged and urged to do is to help in the recapitalization but not to run down the bank.” These actions have notably improved the bank’s standing in comparison to its status before the New Patriotic Party (NPP) government, led by President Akufo-Addo, took office in 2017.

A key issue brought to light by the legislator was the impact of loans disbursed by the NDC government to non-financial institutions, amounting to over five hundred million Ghana cedis.

“The NDC government gave out over five hundred million Ghana cedis to some non-financial institutions which weakened the financial standing of NIB which as at now such monies have not been collected back into the accounts of NIB” he stressed.

Mr. Annor Dompreh also noted that the NDC government had failed to conduct a comprehensive financial audit of NIB until the current administration took office.

“The NDC government failed to carry financial audit of NIB until the current government came to power when the finance minister, Mr. Ken Ofori-Atta ordered Ghana Amegamated trust to look out for funds to support NIB” the  MP asserted.

Addressing the allegations of the bank’s management being based in Canada, Mr. Annoh- Dompreh categorically dismissed these claims as false. According to him  “the statement made claiming that the bank was being managed from Canada is also false.” He concluded by firmly asserting that the government has no intention of selling NIB, stating, “the information put out by the minority stating that, the government is planning to sell NIB is inaccurate.” He urged Ghanaians to dismiss such unsubstantiated assertions from the NDC minority.

The majority chief whip has however made a call to the NDC minority, stating, “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 urged them to desist from politicizing matters related to NIB and instead encourage the government’s efforts to recapitalize the bank and secure its stability. He emphasized the importance of presenting facts before making public statements on issues of national significance, highlighting the need for a responsible and informed approach to such matters.

Source: AGN/ Princess Arita Anim