Govt approves GH¢2.3bn to restructure and recapitalise NIB

Cabinet has approved GH¢2.3 billion for the restructuring and recapitalisation of the National Investment Bank (NIB).

The amount is the first tranche of GH¢400 million expected to be transferred to the bank before the end of May 2024.

Finance Minister, Dr Mohammed Amin Adam announced this at a press briefing on Friday.

“The governance structure and operational efficiency, enhance supervision, and improve risk management to improve and sustain the financial viability of NIB.

“Ladies and gentlemen, as part of the implementation of the PC-PEG, the Cabinet has approved the plan for restructuring and recapitalization of the National Investment Bank (NIB),” he said.

Dr Amin Adam noted that, the restructuring and recapitalisation process will go a long way to strengthen the bank’s operation.

“This will involve a programmed equity injection of about GH¢2.3 billion over the next 12 months, with the first tranche of GH¢400 million expected to be transferred to NIB before the end of this month.

“The plan also includes measures to strengthen the governance structure and operational efficiency, enhance supervision, and improve risk management to improve and sustain the financial viability of NIB,” he added.

Source: adomonline.com