Finance Minister Dr Cassiel Ato Forson has inaugurated the new 9-member Board of Directors for the National Investment Bank (NIB).

The swearing-in ceremony was held today, July 9. The sector minister expressed his congratulations to the new board.

The Board of Directors will be chaired by Mr. Frank Adu Jnr, who has been appointed as Managing Director.

Dr Ato Forson noted that under this new leadership, "NIB will operate with the independence and professionalism it deserves."

The minister announced that the government has made a bold decision to recapitalize NIB.

Fuller details of this comprehensive recapitalization plan will be unveiled during the upcoming mid-year review, Dr Forson noted.

In May last year, the erstwhile government earmarked GH¢2.3 billion for the recapitalization of the National Investment Bank (NIB).

"As part of the implementation of the Post Covid-19 Programme for Economic Growth (PC-PEG), Cabinet has approved the plan for restructuring and recapitalization of the National Investment Bank (NIB)," the former Finance Minister Dr. Mohammed Amin Adam said.

The recapitalization plan was to involve a programmed equity injection of about GHS2.3 billion over a year, with the first tranche of GHS400 million expected to be transferred to NIB before the end of May last year.

This initiative was critical to strengthening the governance structure, enhancing operational efficiency, and improving risk management to ensure the financial viability of NIB.

The International Monetary Fund (IMF) upon approving the disbursement of $370 million to Ghana after reaching a staff-level agreement after the fourth review, noted that further strengthening the country's financial sector stability "requires fully implementing the plan to strengthen NIB, finalizing the reform strategy to support state-owned banks’ viability and sustainability, and developing contingency plans to address weak banks that fail to recapitalize."

The complete board composition includes distinguished professionals including Dr. Doli-wura Awushi Abdul-Malik Seidu Zakarai (Managing Director), 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 and Dr. Alfred Attuquaye Botchway.