DR DUFFUOR INAUGURATES 13-MEMBER NIB BOARD

Hon. Minister of Finance and Economic Planning, Dr. Kwabena Duffuor today inaugurated the Board of Directors of the National Investment Bank and charged them to formulate and implement policies and strategies that will turn the bank around to enable play its required role in the national economy.

“As a new board therefore your cardinal challenge is to formulate and implement policies and strategies that will turn-around the Bank within the shortest possible time to enable it play its required role in the national economy”.

Dr. Duffuor noted that NIB’s over reliance on MDAs for a very large proportion of its deposits creates an unhealthy deposit risk concentration, a situation that is not sustainable in the current competitive banking landscape.

Another challenge he noted is the over staffing in relation to its volume of work making the bank’s operations less efficient compared to the industry average.

“The effects of all these have been the loss of profitability and the erosion of the shareholders capital. This is unacceptable for a bank that is expected to make profit and pay dividend to its shareholders”.

The chairman of the new board, Mr. Emmanuel Ablorh, expressed members appreciation and pledged that they would work assiduously to turn the bank around. Other members of the board are; Mr. D K Mensah, Mr. Sampson Nortey, Ms Catherine Dabi, Mr. Stephen Ahor, Hon. Inusah Fuseini, Mr. Jude Bucknor and Nana Yaw Kagbresi.

The rest are, Ms Elizabeth Solomon, Mrs. Della Sowah, Mr. Seth Oforihene, Dr Percival Kuranchie and Mr. Owusu Tweneboa.

The NIB was the first development bank established by Dr. Kwame Nkrumah to spearhead the industrialization drive of Ghana. It was mandated to provide long term debt financing and equity or risk capital for start-up industries in the manufacturing, services, construction and mining sectors of the country.

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