Minority kicks against proposed merger of ADB and NIB

The Minority in Parliament has said it will resist any plans by the government to merge two indigenous banks namely the Agricultural Development Bank (ADB) and the National Investment Bank (NIB).

The move, which is yet to be publicly announced by the government, according to the Minority is due to the under performance of the two financial institutions.

It fears such a move will lead to job cuts, which could further worsen the country’s unemployment situation.

The government in 2018 had considered a similar merger but later rescinded the decision.

Speaking at a news conference on Thursday (28 September), the Minority Leader Cassel Ato Forson said the government must rather recapitalise the banks to make them more vibrant.

“The government’s economic management team led by Dr Mahamudu Bawumia, and Finance Minister Ken Ofori-Atta working closer with BoG governor Dr Ernest Addison have decided to either collapse the NIB or merge it with ADB,” Forson alleged.

“We contend that collapsing NIB is not an option, merging NIB to ADB is not an option because it will come with its corresponding job losses.

“Already, we have issue with employment, we believe there is space for both banks to survive, Ghana deserves both banks, they have special mandate and should be respected as such,” he said.

Reporting by Fred Dzakpata in Accra

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