Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced that the government will recapitalize the National Investment Bank (NIB) as part of a broader effort to restore confidence and reposition the institution.
He made the statement during the inauguration of a new nine-member Board of Directors for the bank on Tuesday.
“I am pleased to announce that the government has made a bold decision to recapitalize NIB,” Dr. Forson said, adding that full details of the recapitalization plan will be revealed in the upcoming mid-year budget review.
The new board, led by renowned banker Mr. Frank Adu Jnr as Managing Director, brings a blend of public and private sector expertise aimed at restoring NIB’s performance and purpose. Other members of the board include:
- Dr. Doli-wura Awushi Abdul-Malik Seidu Zakarai
- Hon. Dr. Othniel Ekow Kwainoe
- Hon. Ebenezer Kwaku Addo
- Dr. Mrs. Mercy Naa Aku Ofei-Koranteng
- Dr. Shani Bashiru
- Mr. Max George Cobbina
- Dr. Kwasi Akyem Apea-Kubi
- Dr. Alfred Attuquaye Botchway
The recapitalization is expected to be a key step in restoring solvency, improving governance, and ensuring the bank’s long-term viability.
A Bank with Deep Roots and High Stakes
Founded in 1963, the National Investment Bank was Ghana’s first development-focused bank, created under the Nkrumah administration to support the country’s industrialization agenda. In its early years, NIB provided financing for numerous strategic industries, ranging from manufacturing to pharmaceuticals and textiles, helping to seed Ghana’s post-independence industrial base.
However, over the decades, the bank shifted focus toward more commercial banking services, losing much of its developmental edge. Coupled with poor governance, high non-performing loans, and capital challenges, the bank’s financial health declined steadily.
In recent years, NIB has faced growing scrutiny and narrowly avoided collapse during the 2017–2019 financial sector clean-up. Despite repeated restructuring attempts, concerns over solvency and operational effectiveness have lingered.
The latest recapitalization move signals the government’s intention to revive NIB’s developmental mandate and restore its position as a key player in Ghana’s industrial growth strategy.
