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ICU-Ghana approves move by govt to recapitalize National Investment Bank (NIB)

The Industrial and Commercial Workers’ Union (ICU-Ghana) has expressed its approval of the government’s decision to recapitalize the National Investment Bank (NIB).

According to the union, this move reflects a commitment to preserving an institution that has played a significant role in the financial industry over the years.

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Mr. Morgan Ayawine, the General Secretary of ICU-Ghana, conveyed this commendation in response to the 2024 Budget presented to Parliament by the Minister of Finance on November 15, 2023.

The government has allocated GH¢4 billion to address liquidity issues in NIB and other distressed Special Deposit-Taking Institutions (SDIs) in the country.

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This funding is also intended to address outstanding legacy challenges in the financial sector and aligns with the three-year International Monetary Fund (IMF) Programme.

As part of the IMF program, the Bank of Ghana has committed to completing remaining tasks from the financial sector cleanup, including addressing NIB’s insolvency and the prolonged under-capitalization of various SDIs.

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Mr. Ayawine urged the government to extend its support to other distressed State-Owned Enterprises (SOEs) such as Neoplan, Produce Buying Company Limited, and Aluworks, aiming to enhance their operations and contribute to the economy.

He highlighted that the recapitalization of NIB would rejuvenate the institution, allowing it to continue financing industries in the country for economic development.

The General Secretary emphasized the significant contributions of NIB and other distressed SOEs to the country’s development, urging the government not to overlook their impact and to provide the necessary support for recapitalization.

The country’s unemployment rate has gotten worse, according to the General-Secretary, meaning that everyone should benefit from the 2024 budget, not just a select few.

Mr. Emmanuel Benimah, the Deputy General Secretary overseeing Operations, and Mr. Samuel Ananga, the Deputy General Secretary overseeing Administration and Finance, are additional Executives working alongside the General-Secretary.

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