The Minority in Parliament has vehemently opposed the appointment of the NPP Parliamentary Candidate for Manso Nkwanta, Tweneboah Kodua Fokuo, as the new Managing Director for the National Investment Bank (NIB). 

In a press release signed by Dr Kwabena Donkor, the Ranking Member on the Committee on Employment, Social Welfare, and State-Owned Enterprises, the opposition MPs expressed concerns about the politicisation of state-owned enterprises (SOEs).

They said that such appointments undermine public trust in the government's ability to manage national resources effectively.

Tagging it as a political appointment, the NDC MPs argue that the Bank requires a leadership team with strong managerial skills and a robust recovery plan to revive the bank currently on “life support”.

“To appoint a Parliamentary Candidate six months into an election beggars belief. The integrity and or the lack of it 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 ignoble thinking behind the appointment must be condemned by all well-meaning Ghanaians,” the statement read.

This comes after it was announced that Mr Tweneboa Kodua Fokuo has taken over from Samuel Sarpong as the Managing Director of the National Investment Bank (NIB).

His appointment takes effect from Monday, May 13, 2024.

In a memo sent to the staff, the Bank explained that Mr Fokuo was appointed by “the majority shareholder."

It further explained that Philip Ofori-Asante has also been nominated as Deputy Managing Director, following in Mr Fokuo’s footsteps.

• Read More: Tweneboa Kodua Fokuo appointed Managing Director of NIB

However, the Minority in Parliament contends that the Bank of Ghana is mandated by Act 612 to approve all senior bank appointments in the Banking and Deposit-taking Sector.

As such, BoG has a legal responsibility to halt this appointment in its regulatory role “assuming the President is misled by Advisors for obvious political considerations.”

They Minority called on President Akuffo Addo to reconsider Mr Fokuo’s appointment urging him to prioritise the integrity and business sustainability of the National Investment Bank. 

“We demand the reversal of this appointment and a more transparent and impartial selection process that prioritises merit, competence and meritocracy over political affiliation,” they added.