IMANI Africa condemns govt’s $2.3 billion recapitalization of state-owned NIB

The president of IMANI Africa, Franklin Cudjoe, has criticized the government’s decision to allocate 2.3 billion Ghana cedis to restructure and recapitalize the National Investment Bank (NIB).

According to him, the state-owned bank has for many years, become a cash cow for successive governments especially in electioneering year, therefore must be “killed”.

His comments came at the back of Finance Minister Mohammed Amin Adam’s announcement on May 24, 2024, of a 2.3 billion Ghana cedis to restructure and recapitalize the National Investment Bank (NIB).

Mr. Cudjoe condemned the continued financial support for what he described as a chronically unprofitable and mismanaged institution.

“That bank must just be killed. Politicians of all shades have pillaged the state bank, and yet, successive governments keep fueling it with our taxes, especially during elections!”.

He pointed out the bank’s dismal financial performance, noting, “The state’s loot-happy bank has never recorded a $1 profit since 2013. Even in a debt-distressed state, we continue this shackling. This is completely unacceptable!”

By: Bright Yao Dzakah | Metrotvonline.com | Ghana

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