Finance Minister hints of NIB, ADB merger to form national dev’t bank

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The Finance Minister, Mr Ken Ofori-Atta, has hinted of a possible merger between National Investment Bank (NIB) and the Agricultural Development Bank (ADB) to form the National Development Bank announced in the 2018 budget.

He said at a post budget forum Wednesday morning that a merger of the two publicly owned banks could help create a development-oriented bank that can then finance the government’s vision of transforming the economy through increased investments in agriculture and industrialisation.

“We could also look at a possible merger between the NIB and ADB into the National Development Bank to actually finance development through agriculture and industry,” he said at the PwC Post Budget Forum in Accra.

He added that the successful establishment of the new bank would help aid in the realisation of the government’s agenda to create a ‘Ghana Beyond Aid.’

A merger between NIB and ADB would amount to a reunion, given that ADB was plugged out of NIB’s agricultural department. 

Graphic Online understands that the government is looking at recapitalising the proposed development bank to the tune of GHS 1 billion to GHS2 billion.

The bank will then serve as a source of patient, low cost and long term capital to businesses in the agricultural and industrial sector, where investments are mostly long term and capital intensive.    

Beyond setting up the development bank, the minister said the government was also looking at setting up about “four to five big local banks” that can support economic transformation.

-Graphic

ABOUT: Nana Kwesi Coomson

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A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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