The government via the Finance Ministry has confirmed that it will be merging ADB and NIB banks.
The confirmation follows an earlier hint that both banks were to be merged to become the proposed National Development Bank and disclosed during the 2018 budget presentation.
In a statement on Thursday 23rd November, 2017 – Finance Minister, Ken Ofori Atta reiterated that together, both banks will form the National Development Bank which is meant to meet the capital needs for the government’s industrialization agenda both for private and public sector stakeholders – particularly, in the Agricultural sector of the economy.
He stated that, “the thinking process is clear that we need a strong and vibrant and well-capitalized enterprise development bank. This is to be able to support the Agriculture and industrialization driveâ€.
Mr. Ofori Atta also hinted that the state would be raising about US$500 million to facilitate the recapitalization of the emerging National Development Bank.
Currently, government holds stakes at ADB and NIB respectively: giving it substantial leverage to work-out a merger deal between both institutions except for the first which it has minor share.
Gov’t to collapse adb and NIB to create National Development Bank
ADB to release GHȻ200m for One-District-One-Factory project
Â