Finance Minister Dr Cassiel Ato Forson has announced the government's decision to recapitalize National Investment Bank (NIB), Agricultural Development Bank (ADB) and Consolidated Bank Ghana Limited (CBG).

Fuller details of this comprehensive recapitalization plan will be unveiled during the upcoming mid-year review, Dr Forson noted in a post on X on July 9.

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 government aims to recapitalize the Agricultural Development Bank in 2026. This move, according to the sector minister, is aimed at strengthening ADB’s financial position to better support farmers, agribusinesses, and agricultural value chain initiatives.

The recapitalisation of the Consolidated Bank Ghana Limited (CBG) will be done in the coming year. This comes after approximately GH₵30 billion was spent to purportedly salvage and restore confidence in the financial sector.

Newly appointed Board Chairman of CBG, Mr. Ernest Mawuli Agbesi, commended the government’s resolve to recapitalize the bank and pledged that the board would work diligently to deliver value to both the government and the Ghanaian people.

NIB

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

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 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.

ADB

Dr Ato Forson has inaugurated the new Board of Directors for the Agricultural Development Bank (ADB).

The sector minister highlighted the critical role of agriculture in national development, noting that no country can achieve sustainable growth without a vibrant and resilient agricultural sector.

He therefore tasked the new ADB Board chaired by Mr. Kenneth Kwamina Thompson "to remain focused and guided by their primary mandate—serving Ghana’s agricultural sector."

The newly inaugurated board is chaired by Mr. Kenneth Kwamina Thompson, with Mr. Edward Ato Sarpong serving as Managing Director.

Other members of the board include Hon. Andrew Dari Chiwitey, Mr. Siisi Essuman-Ocran, Hon. Dr. E. Prince Arhin, Hon. Misbahu Mahama Adams, Wing Commander Samuel J.A. Allotey, Mr. Courage Akanwunge Asabagna and Mr. Abdul Nasir M. Saani.

CBG

The sector minister has sworn in the Board of Directors for Consolidated Bank Ghana Limited (CBG).

To the Consolidated Bank Ghana Limited (CBG) Board of Directors, the Finance Minister issued a firm warning against the era of excessive salaries and board allowances within State-Owned Enterprises (SOEs). He stressed that such practices would not be tolerated under the current administration.

"It is equally important that this board safeguards taxpayers’ money, as you have been entrusted with a crucial national asset,” Dr Ato Forson charged.

The newly inaugurated CBG Board also includes Dr. Naomi Wolali Kwetey — Managing Director, Ms. Irene Ackuaku, Mr. David Adom, Mr. Michael Kwasi Anyamesem, Mr. Stephen Kporzih, Dr. Sa-ad Iddrisu, Mrs. Immaculate Kawe Kanlisi and Mr. John Alexander Ackon.