ADB, NIB merger cancelled
December 12, 2018
The government has abandoned its plans to merge the Agricultural Development Bank (ADB) and the National Investment Bank (NIB) into the proposed National Development Bank (NDB).
The move is intended to pave the way for each of the banks to recapitalise and revamp its operations.
The Daily Graphic is reliably informed that the merger was cancelled in October at the behest of President Nana Addo Dankwa Akufo-Addo.
The President is said to have expressed the government’s commitment to resource the two banks individually to enable them to play their traditional roles of stimulating investments in the manufacturing sector and transforming agriculture and agro-processing through strategic lending.
The gesture is in line with the government’s agenda of economic transformation through industrialisation and increased investments in agriculture and agro-processing .