The recapitalization of the National Investment Bank (NIB) should mark a turning point in Ghana’s industrial development if it is used to restore the bank to its founding mission of financing industry, according to banking and finance consultant Dr. Richmond Atuahene.
Dr. Atuahene maintains that the recapitalization presents a unique opportunity for the bank to return to its original business model that prioritizes the funding of industries.
Speaking in an exclusive interview with The High Street Journal, the finance and banking consultant argued that all banks in the country cannot be turned into conventional retail and universal banks.
For him, there is a need for some to be development banks that will fund huge industries and infrastructural projects to push the country’s industrialization dream.
“We can’t make all the banks universal banks. Some must be development banks to help certain industries,” Dr. Atuahene asserted.
He added that “In times past, all NIB did was to help set up industries. They are making NIB go back to its original business model.”
NIB, established in 1963 as a development finance institution, played a pivotal role in setting up some of Ghana’s iconic state-owned enterprises, including Nestle Ghana, Aluworks, and PSC Tema Shipyard.
Over time, however, the bank shifted towards traditional commercial banking, moving away from its core industrial development mandate.
Dr. Atuahene sees the government’s renewed capital injection not merely as a financial lifeline but as a strategic reset to retool the bank’s focus, one that could align with Ghana’s industrialization ambitions.
According to him, a well-capitalized NIB focused on industrial development could stimulate job creation, support import substitution, and enhance value addition across key sectors such as agro-processing, manufacturing, pharmaceuticals, and green energy.
However, Dr. Atuahene cautioned that recapitalization alone is not enough. He called for a robust governance overhaul and strategic insulation of the bank from political interference, which has historically plagued state-owned financial institutions in Ghana.
As Ghana seeks sustainable pathways to industrialize and reduce its dependence on imports, experts like Dr. Atuahene believe this could be the perfect time for the NIB to reclaim its roots and drive the next wave of industrial renaissance.
