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Running down NIB has dire financial consequences on Ghana’s ailing economy – Annoh-Dompreh cautions NDC Minority

Running down NIB has dire financial consequences on Ghana’s ailing economy – Annoh-Dompreh cautions NDC Minority

The Member of Parliament (MP) for Nsawam/Adoagyiri Constituency in the Eastern Region who doubles as the Majority Chief Whip, Mr. Frank Annoh-Dompreh, has called on the Minority group in Parliament to desist from running down state institutions especially the National Investment Bank (NIB) at least opportunity they had.

According to the Nsawam/Adoagyiri lawmaker, running down NIB in the way and manner the minority group led by its Ranking Member of Parliament’s Finance Committee, Mr. Isaac Adongo, has a very dire financial consequence on Ghana’s ailing economy.

Addressing some members of the Parliamentary Press Corps (PPC) in Accra on Wednesday, 25th October 2023, the Majority Chief Whip, called on the Minority to stop politicizing matters related to the NIB and rather encourage the government to recapitalize the bank to stand afloat.

“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 reiterated.

“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.” The Nsawam/Adoagyiri MP cautioned.

The Minority in Parliament has recently tasked the government to undertake a significant restructuring of the ailing NIB to prevent the bank’s potential liquidation.

Recent reports have indicated the possibility of ADB acquiring NIB, which currently has liabilities exceeding GH¢2 billion. But the Majority Chief Whip says there is nothing close to this purported ADB acquisition.

Meanwhile, the Minority in Parliament has threatened to take legal action against the government if it attempts to sign off on the takeover between the Agricultural Development Bank (ADB) and the National Investment Bank (NIB).

Story: Franklin ASARE-DONKOH

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