The Majority Chief Whip, Hon Frank Annoh-Dompreh, has charged the Minority caucus in Parliament to always do due diligence and cross check their facts before coming to accused government of mismanaging the economy.
According to him, the various allegations made by the Minority against the National Investment Bank (NIB) were completely untruth and urged them to avoid politicizing financial matters.
“If they don’t have the facts, they should be patient, investigate, and get all the information before they come,” he told members of the Parliamentary Press Corps in Parliament on Wednesday October 25, 2023.
The Minority had earlier in a press conference accused the government and the Bank of Ghana (BoG) of 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.
Per the minority analysis, restructuring NIB’s balance sheet could generate over GH¢2.75 billion to address the deficit.
But Hon Annoh-Dompreh, pointed out that the NIB’s troubles began under the previous National Democratic Congress (NDC) government when a GH¢500 million loan was disbursed to non-financial institutions, which remains unrecovered.
Nevertheless, he said he would support the Minority in Parliament’s call on the central government to recapitalize the National Investment Bank to aid in the development of Ghana’s industrial sector.
The Nsawam /Adoagyir lawmaker explained that the core mandate of the NIB is to support Ghana’s industrial drive and therefore what the government should be encouraged and urged to do is to help in its recapitalization.
Annoh-Dompreh also explained that the Minister of Finance had led efforts to raise GH¢800 million and injected an additional GH¢57 million into the bank’s operations to bolster its profits and activities.
The Majority Whip acknowledged the government’s efforts but stressed that due to challenges in the financial sector, the NIB still requires recapitalization and capital support to remain relevant in the country’s industrial development.
He however reiterated the need to avoid negative perceptions that could harm the bank’s reputation.
“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,” he said.