The Majority in Parliament has taken a swipe at the Minority Caucus accusing it of politicizing matters related to the National Investment Bank (NIB).
The Minority in Parliament has advised the government to restructure the NIB to prevent it from possible liquidation.
It had accused the government of plotting to sell NIB to ADB.
But speaking to journalists in Accra on Wednesday, the Majority Chief Whip, Frank Annoh-Dompreh, said, “What the government should be encouraged and urged to do is to help in the recapitalization but not to run down the bank. So, our colleagues in the Minority should stop this politicization of all matters, especially matters related to the financial sector.”
“If they don’t have the facts, they should just be patient, investigate, and get the facts before they come out.”
He also revealed that the National Investment Bank has a high concentration of loans in the construction sector.
According to him, the management inherited over 90% of the loan treasury concentrated in construction.
The legislature stressed that the bank’s financial statement has not been audited since 2017 and 2018.
He further stated that there were losses from mismatches in the foreign exchange balance sheet, resulting in huge daily re-valuation losses.
He explained that all these challenges are inherited problems of the current management.
According to him, the current management and board of NIB have therefore ensured that the audited financial sheet from 2017 to date is audited.
He elaborated that after the audit, the bank needed an amount of 2.2 billion Ghana cedis as recapitalization to shoulder the bank.
Annor Dompreh further revealed that even though the bank lacks funds, it is not bankrupt, and the government has no intentions of selling the bank or merging with ADB.
By: Rainbowradioonline.com/Ghana