NIB to transition back to core mandate of supporting industry, says John Kumah

The National Investment Bank (NIB) was established in 1963 as the first development bank in Ghana, to provide financial support to business

The National Investment Bank (NIB) is set to transition back to its original core mandate of supporting industry, the deputy minister for finance, John Kumah has said.

Kumah said the government is also committed to support the existing development banks-NIB and ABD to be able to support the industrial and agricultural sectors respectively.

Speaking at the 60th-anniversary celebration of the National Investment Bank in Accra, the deputy minister said, “The plan is for NIB to transition into a specialised bank focusing on industry.”

“We are confident that the board and managements’ new focus will yield positive results.”

Kumah also commended the NIB for its contribution to the banking sector and its commitment to promoting the economic growth and development of the country.

The board chairman of the NIB, Kofi Owusu-Sekyere urged stakeholders of the bank to continue to support the institution to offer quality banking services to Ghanaians.

Owusu-Sekyeresaid:As we celebrate our 60th Anniversary, I urge all stakeholders to continue supporting us in our commitment to create an enabling environment for businesses to thrive and provide quality financial support to our nation.”

The National Investment Bank (NIB) was established in 1963 as the first development bank in Ghana, to provide financial support to businesses in the areas of furniture making, laundry, and baking among others.

It has undergone management, institutional and financial restructuring, geared towards strengthening its operations. It now has 48 branches and three agencies nationwide.

The NIB now operates as a universal bank focusing on development/commercial banking. Currently, about 70% of the bank’s portfolio is made up of loans to the Ghanaian private sector.

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