Franklin Cudjoe, President of IMANI Africa, has criticised successive governments for allegedly misappropriating funds from the National Investment Bank (NIB), stating that it has failed to meet its intended objectives and should not continue operating.

His comments come in response to the Ministry of Finance's announcement that cabinet has approved a substantial amount of GHc2.3 billion for the restructuring and recapitalisation of NIB.

In a media briefing on the economy, Dr Mohammed Amin Adam, the sector minister, revealed that the initial tranche of GH¢400 million would be disbursed to the bank before the end of May 2024. 

This funding aims to enhance governance structures, operational efficiency, supervision, and risk management, ultimately ensuring the financial sustainability of NIB.

“As part of the implementation of the PC-PEG, the Cabinet has approved the plan for restructuring and recapitalization of the National Investment Bank (NIB). This will involve a programmed equity injection of about GH¢2.3 billion over the next 12 months, with the first tranche of GH¢400 million expected to be transferred to NIB before the end of this month,” Dr Adam stated.

However, in a Facebook post on Sunday, May 26, Mr Cudjoe expressed dismay over the new development.

He highlighted the irony of successive administrations allegedly misappropriating funds from NIB while simultaneously injecting taxpayers' funds into it.

“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!

“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!” he said.