Minority protests appointment of NPP PC Tweneboah Kodua Fokuo as MD of NIB

The National Democratic Congress (NDC) Minority in Parliament says it strongly protests the appointment of Mr. Tweneboah Kodua Fokuo, the New Patriotic Party (NPP) Parliamentary Candidate for Manso Nkwanta, as the new Managing Director for the National Investment Bank (NIB).

According to the group, this appointment raises serious concerns about the politicization of State-Owned Enterprises, adding that the ignoble thinking behind the appointment must be condemned by all well-meaning Ghanaians.

The opposition MPs argued in a statement that, "The National Investment Bank is distressed and on life support; thus, it is in dire need of a management team with the requisite skills and competencies to engineer and manage a recovery program of a medium-term nature. To appoint a parliamentary candidate six months into an election beggars belief. The integrity, or the lack thereof, in this appointment is a clear sign that the Government and the Bank of Ghana have no desire to resuscitate the ailing bank but are only interested in milking the dying cow."

The caucus consequently urged the President and the government to reconsider this appointment and prioritize the integrity and business sustainability of the National Investment Bank. "The appointment of a Parliamentary Candidate to a key banking position like this undermines public trust and confidence in the government's ability to manage our national resources effectively."

Below is the full statement:

The NDC Minority in Parliament strongly protests the appointment of Mr. Tweneboah Kodua Fokuo, the NPP Parliamentary Candidate for Manso Nkwanta, as the new Managing Director for the National Investment Bank (NIB). This appointment raises serious concerns about the politicization of State-Owned Enterprises. The ignoble thinking behind the appointment must be condemned by all well-meaning Ghanaians. The National Investment Bank is distressed and on life support; thus, it is in dire need of a management team with the requisite skills and competencies to engineer and manage a recovery program of a medium-term nature. To appoint a parliamentary candidate six months into an election beggars belief. The integrity, or the lack thereof, in this appointment is a clear sign that the government and the Bank of Ghana have no desire to resuscitate the ailing bank but are only interested in milking the dying cow.

The Bank of Ghana Act, 2002 (Act 612), mandates the Bank of Ghana to approve all senior bank appointments. Specifically, Section 27 of the Act states, "The Bank shall have the power to:
(a) approve the appointment of directors, chief executives, and other principal officers of banks."

Assuming the President is misled by advisors for obvious political considerations, the Bank of Ghana, in its regulatory role, has a legal responsibility to halt this aberration of an appointment.

We urge the President and the government to reconsider this appointment and prioritize the integrity and business sustainability of the National Investment Bank. The appointment of a Parliamentary Candidate to a key banking position like this undermines public trust and confidence in the government's ability to manage our national resources effectively.

We demand the reversal of this appointment and a more transparent and impartial selection process that prioritizes merit and competence over political affiliation.

Kwabena Donkor, Ph.D., FCMI, FRSA, MIEn. R, Ranking Member, Committee on Employment, Social Welfare, and State-Owned Enterprises