Tag: NIB
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Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions
Banking consultant, Dr. Richmond Atuahene, has cautioned against proposals for a restructuring of the balance sheet of the National Investment Bank (NIB). NIB is facing significant financial challenges with liabilities exceeding GHS 2 billion. The Minority in Parliament has strongly urged the government to undertake a significant restructuring of the ailing NIB in order to…
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NIB too important to collapse, govt must restructure balance sheet – Adongo
The Minority in Parliament has strongly urged the government to undertake a significant restructuring of the ailing National Investment Bank (NIB) in order to prevent the bank’s potential liquidation. Recent reports have indicated the possibility of the Agricultural Development Bank (ADB) acquiring NIB, which currently carries liabilities exceeding GHc2 billion. During a press conference held…
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ADB, NIB to be refocused to remain relevant – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta says the fundamental objectives of special-purpose banks such as the NIB and ADB would have to be reviewed to help them secure the necessary capital so they can give out long-term funds as the government makes moves to establish a development bank. The Government of Ghana, in partnership with…
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NIB must focus on its mandate to stay competitive and profitable – Banking Consultant
Banking Consultant, Nana Otuo Acheampong, has expressed optimism about the prospects of the National Investment Bank, NIB, following government’s injection of GH¢800 million into its operations to help close its capital deficit. The injection of funds, which is in the form of a bond issued to the bank earlier in August this year, is part…
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ADB seeks shareholders’ approval to raise GH¢380m for recapitalisation
ADB has announced that it will embark on a renounceable right to issue to raise 383 million cedis to help it meet the minimum capital requirement. This decision is however subject to shareholders’ approval at the bank’s Annual General Meeting. The AGM is scheduled for Thursday, December 20, 2018. According to ADB, it is also…
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Plans to recapitalize ADB threatens merger with NIB
It is emerging that the proposed merger between ADB and NIB may not come off following a recapitalization plan outlined by ADB. The Finance Minister, Ken Ofori Atta has stated of plans to establish a National Development Bank with the merger. The latest comes with about three weeks to the deadline for the minimum capital…
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adb workers want President to pull breaks on merger with NIB
The Professional and Managerial Staff Union (PMSU) of adb has petitioned President Akuffo Addo to intervene in the planned merger of adb and NIB into one entity. The workers’ union is protesting the creation of a National Development Bank through a merger of the two state owned banks. Meanwhile the Minister of Finance says the government is yet…
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Review application over $ 60m NIB judgment debt case dismissed
The Supreme Court has dismissed a review application seeking to overturn its own decision dismissing a 60 million dollar judgment debt the High Court ordered the National Investment Bank (NIB) to pay Dominion Corporate Trustees Limited in 2013. According to the panel of seven justices of the Supreme Court, the review suit filed by Dominion…
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Govt to redirect NIB’s mandate to support industries
Government has announced plans to refocus the operations of the National Investment Bank (NIB) to offer financial assistance to small and medium scale businesses. Trade and Industry Minister, Alan Kyerematen explains this should also grow the businesses to boost Ghana’s industry and increase economic growth. The NIB, which is now considered as a universal bank,…
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Delays in forming new Boards causing economic losses – Analyst
Calls for the President to constitute new Boards for key government institutions have intensified due to the potential administrative lapses further delays could cause. The former Director General of the Securities and Exchange Commission (SEC), Dr. Adu Anane Antwi has indicated that Ghana may have lost huge investments at least for the first half of…