NIB needs fresh capital injection – Annoh-Dompreh

NIB wants recent capital injection – Annoh-Dompreh

Majority Chief Whip and Member of Parliament (MP) for Nsawam/Adoagyiri, Frank Annoh-Dompreh, has referred to as for instant steps to recapitalise the Nationwide Funding Financial institution (NIB), a state-owned lender.

This, he stated, has grow to be obligatory because of liquidity challenges confronted by the financial institution which has been worsened by the challenges within the monetary sector.

Addressing the media in Parliament on Wednesday, October 25, 2023, Mr. Annoh-Dompreh stated: “What the federal government must be inspired and urged to do is to assist in the recapitalization however to not run down the financial institution. One of many first calls which we’ll assist is to encourage the finance minister to assist in pushing extra capital to the financial institution,” he famous.

He lauded authorities for its efforts at supporting the financial institution prior to now years, whereas emphasising the necessity for extra assist.

He famous that in 2019, the finance minister obtained parliamentary approval for GH¢2.2 billion as sovereign assure in favour of Ghana Amalgamated Belief (GAT) to recapitalise NIB. Moreover, Mr. Ofori-Atta led the efforts to boost GH¢857 million for NIB to assist its operations.

“I believe the federal government has put in some good effort nevertheless it stands to motive that due to the challenges within the monetary sector, the financial institution continues to be demanding some recapitalisation – oxygen – so that it’ll start to work and stay related,” Mr. Annoh-Dompreh added.

His remarks come amid accusations by the Minority in Parliament that the Akufo-Addo-led authorities and the Financial institution of Ghana (BoG) are allegedly plotting to promote the NIB to the Agricultural Growth Financial institution (ADB).

However the MP refuted the declare, assuring most of the people that the financial institution will not be on the market. He additionally urged his colleagues within the Minority to desist from such speculations as they undermine the integrity of the instutition.

“So, our colleagues within the Minority ought to cease this politicization of all issues, particularly issues associated to the monetary sector.

“The way in which and method our colleagues on the other aspect go to the market with problems with nationwide significance with none info must be a priority to all. In the event that they don’t have the info, they need to simply be affected person, examine, and get the info earlier than they arrive out,” the Nsawam/Adoagyiri legislator cautioned.

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