Gov't confirms ADB, NIB merger to National Development Bank

Gov't confirms ADB, NIB merger to National Development Bank
Source: Ghana|Myjoyonline.com | JoyBusiness
Date: 23-11-2017 Time: 01:11:39:pm

The Finance Minister has confirmed that government is working to merge Agricultural Development Bank (ADB) and National Investment Bank (NIB) in the creation of the National Development Bank.

Ken Ofori-Atta said with the two banks government is looking at using them to finance it’s industrialisation and Agric agenda.

The Minister in the 2018 budget disclosed that government was looking at merging these banks.

 Mr. Ken Ofori Atta told JoyBusiness they have come very far with this plan.

“The thinking process is clear that we need a strong and vibrant and well-capitalised enterprise development bank. This is to be able to support the Agriculture and industriliasation drive,” he said.

Government currently holds a significant stake in ADB and NIB, making it easier, to go ahead with this plan.

However, there are some of are of the view that there could be some challenges looking at the fact the government no longer has controlling stake in ADB.

The finance minister has indicated that the state would raise, some 500 million dollars to help recapitalized the Development Bank.

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