Dr. Duffuor inaugurates NIB Board

Accra, Aug. 13, GNA - The Minister of Finance and Economic Planning, Dr. Kwabena Duffuor, has inaugurated the Board of Directors of the National Investment Bank (NIB) and told them to formulate and implement polices and strategies that would turn the bank around to enable it to play its required role in the national economy. A statement signed by the head of Public Relations Department of Ministry of Finance and Economic Planning, Ms Cecilia I. Akwetey, quoted Dr. Duffuor as having said NIB's over reliance on MDAs for a very large proportion of its deposits created an unhealthy deposit risk concentration, a situation that was not sustainable in the current competitive banking landscape.

Another challenge is the over staffing in relation to its volume of work, making the bank's operations less efficient compared to the industry average.

"The effects of all these have been the loss of profitability and the erosion of shareholders' capital. This is unacceptable for a bank that is expected to make profit and pay dividend to its shareholders," he said.

The chairman of the board, Mr. Emmanuel Ablorh, expressed members' appreciation and pledged that they would work assiduously to turn the bank around.

Other members of the board are Mr. D.K. Mensah, Mr. Sampson Nortey, Ms Catherine Dabi, Mr. Stephen Ahor, Mr Inusah Fuseini, Mr. Bucknor and Nana Yaw Kagbresi.

The rest are, Ms. Elizabeth Solomon, Mrs. Della Sawah, Mr. Seth Oforihene, Dr Percival Kuranchie and Mr. Owusu Tweneboa. The NIB was the first development bank established by Dr Kwame Nkrumah to spearhead the industrialisation drive of Ghana. It was mandated to provide long term debt financing and equity or risk capital for start-up industries in the manufacturing, services, construction and mining sectors of the country. 13 Aug 09