19 August 2017

Govt to redirect NIB’s mandate to support industries

Government has announced plans to refocus the operations of the National Investment Bank (NIB) to offer financial assistance to small and medium scale businesses.

Trade and Industry Minister, Alan Kyerematen explains this should also grow the businesses to boost Ghana’s industry and increase economic growth.

The NIB, which is now considered as a universal bank, in the Minister’s view, has veered off its core mandate.

A situation Mr. Kyerematen contends as affecting industrial growth over the past years.

According to the Trade Minister, the move is also part of a couple of activities to be pursued to transform the industrial base and diversify Ghana’s economy.

“The second component of the pillars is to refocus the operations of the NIB for it to now start looking at not just looking at the bank as a universal one but more as an industrial development one,”

“Many of you may not be aware of the fact that the original mandate of the NIB was to stimulate industrial development where companies like Nestle benefitted from its activities and we want to get back to where we were when NIB was started,” the Minister stated when he inaugurated an eight member board for the National Board for Small Scale Industries (NBSSI).


The Minister also outlined plans to establish an industrial development fund to offer ready financial support to identified businesses.

“Also as part of the transformation agenda is plans to establish a 2 billion dollar industrial development fund which government will use as a vehicle for investing together with the private sector in some strategic anchor industries which we have already identified.”

Board of NBSSI

The Board of the NBSSI is Chaired by Member of Parliament for Shama, Ato Panford .

Members include; Ms Kosi Antiwaa Yankey, CEO of NBSSI, Seth Twum Akwaboah – CEO of the AGI, Michael Darko.

Others are; and Madam Ama Gyamfuah Abrefa,Mr. Yakubu Yusif, Mr. George Mireku Duker as well as Nana (Sammy) Osei Bonsu.

GSA Board

Trade and Industry Minister with Board of Ghana Standards Authority

Trade and Industry Minister with Board of Ghana Standards Authority

Meanwhile the Minister has also inaugurated the Board of the Ghana Standards Authority.

The Board is Chaired by Dr. Akwasi Acheampong.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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