Government has appointed former CalBank Managing Director, Frank Adu Jnr. as Chairman of a newly constituted nine-member Board of Directors for the National Investment Bank (NIB), signaling a renewed effort to restore confidence in the state-owned financial institution.

In addition to Frank Adu Jnr, the new board includes the bank’s Managing Director, Dr. Doli-wura Awushi Abdul-Malik Seidu Zakaria, along with Dr. Othniel Ekow Kwainoe, Ebenezer Kwaku Addo and Dr. Mercy Naa Aku Ofei-Koranteng.

The rest include Dr. Shani Bashiru, Max George Cobbina, Dr. Kwasi Akyem Apea-Kubi and Dr. Alfred Attuquaye Botchway.

The inauguration of the new board comes alongside a significant policy shift, with the government pledging to recapitalise the struggling bank.

Finance Minister Dr. Cassiel Ato Forson confirmed in a Facebook post that details of the recapitalisation plan will be outlined in the upcoming mid-year budget review, marking a strategic intervention aimed at bolstering NIB’s financial position.

The Finance Minister acknowledged institution’s institutional fragility and affirmed that the current reforms aim to insulate the bank from political pressures going forward.

“NIB was turned into a political football. But that ends now,” the Finance Minister declared.

The government’s decision to back the recapitalisation is expected to be pivotal to NIB’s restructuring and its future role in Ghana’s economic development.