New NIB Board Inaugurated as Govt Commits to Recapitalisation Drive

The inauguration, held in Accra, represents a renewed effort to reposition NIB as a key enabler of Ghana’s industrial and developmental financing agenda.

July 2025 In a decisive push to restore confidence in state-owned financial institutions, Finance Minister Dr. Cassiel Ato Forson has inaugurated a newly constituted nine-member Board of Directors for the National Investment Bank (NIB), announcing plans for a comprehensive recapitalisation programme aimed at transforming the bank’s long-struggling operations.

The inauguration, held in Accra, represents a renewed effort to reposition NIB as a key enabler of Ghana’s industrial and developmental financing agenda.

“NIB was turned into a political football. But that ends now,” Dr. Forson declared, adding that the bank must now transition into a professional, commercially-driven institution free from political manipulation.

Government’s Bold Recapitalisation Commitment

Dr. Forson revealed that government has made the bold decision to recapitalise NIB, a long-anticipated move that comes after years of financial underperformance and governance concerns at the bank. Full details of the recapitalisation strategy, including the size of the capital injection and institutional reforms, will be announced during the upcoming mid-year budget review.

“We are not only interested in saving NIB; we are committed to building it into a credible, competitive, and high-performing development finance institution that serves the national interest,” the Minister added.

The recapitalisation is expected to be accompanied by a broader strategy that includes enhanced corporate governance, de-risking of the balance sheet, and increased focus on industrial, SME, and infrastructure lending.

New Leadership to Chart NIB’s Turnaround

The newly inaugurated board will be led by Mr. Frank Adu Jnr., a veteran banker and former Chief Executive Officer of CAL Bank. Adu Jnr. is widely respected for his transformative leadership in Ghana’s financial sector and is expected to bring credibility, discipline, and innovation to the bank’s governance.

“This is a defining moment for NIB, and I accept this responsibility with humility. We will work to regain trust, strengthen operations, and deliver real value to the Ghanaian economy,” Mr. Adu Jnr. stated.

He further appealed to the Finance Ministry and other stakeholders for continuous support to rebuild the bank’s foundations and reposition it as a national development tool.

Full Composition of the New NIB Board

The board comprises seasoned professionals drawn from diverse fields including banking, law, governance, economics, and academia. Members include:

• Mr. Frank Adu Jnr. – Board Chairman

• Dr. Doli-wura Awushi Abdul-Malik Seidu Zakarai – Managing Director

• Hon. Dr. Othniel Ekow Kwainoe – Board Member

• Hon. Ebenezer Kwaku Addo – Board Member

• Dr. Mrs. Mercy Naa Aku Ofei-Koranteng – Board Member

• Dr. Shani Bashiru – Board Member

• Mr. Max George Cobbina – Board Member

• Dr. Kwasi Akyem Apea-Kubi – Board Member

• Dr. Alfred Attuquaye Botchway – Board Member

This board is expected to provide strong stewardship, eliminate legacy inefficiencies, and enhance risk management in line with Bank of Ghana regulatory expectations.

A Strategic Role in National Development

Founded in 1963, the National Investment Bank was envisioned as a critical vehicle for industrial transformation, providing long-term financing for manufacturing, infrastructure, and agro-processing. However, in recent decades, the bank has struggled with capital constraints, governance lapses, and mounting non-performing loans.

The recapitalisation initiative now signals a return to this original mandate, as the government eyes NIB’s potential role in:

• Financing Ghana’s industrialisation drive under the Ghana CARES “Obaatan Pa” Programme

• Supporting SMEs and agro-processing sectors

• Funding strategic infrastructure projects in partnership with DFIs

• Playing a catalytic role in post-COVID economic resilience

Ending Political Interference and Restoring Governance

Dr. Forson’s statement that NIB will no longer be a “political football” resonates with past criticisms that the bank was weakened by excessive political interference, patronage-based lending, and poor management oversight.

The new board is expected to implement a clear separation between political authority and operational independence, ensuring adherence to professional standards, ethics, and accountability in decision-making.

The Minister further stressed the need for compliance with governance frameworks for State-Owned Enterprises (SOEs), warning against excessive remuneration and weak oversight — challenges that have plagued several public institutions in the past.

A New Chapter for NIB

The inauguration of the new NIB board marks the beginning of a new chapter for one of Ghana’s oldest financial institutions. With strong leadership, recapitalisation, and reform on the horizon, stakeholders are hopeful that NIB can regain its relevance and contribute meaningfully to Ghana’s broader economic transformation agenda.

As Ghana repositions its financial architecture to support industrialisation and job creation, the performance of the new NIB board could become a template for restoring public trust in SOEs and driving inclusive growth.