National Investment Bank Calls On Speaker Bagbin
The Speaker of Parliament, Rt. Hon. Alban Kingsford Sumana Bagbin, has encouraged the public to patronize national banks to help them grow, ensuring the country derives greater benefits from them.
The Speaker made this statement when a delegation from the National Investment Bank (NIB), led by its Managing Director, Chief Dr. Doli-Wura Zakaria, paid a courtesy call on him at Parliament House.
Rt. Hon. Alban Bagbin emphasized that the financial sector serves as a pillar of the economy and must be given the necessary support to thrive in order to create more jobs and reduce unemployment.
He stated that Parliament is ready to transact business with NIB to enhance the operations of the legislature.
“I think that we in Ghana have been taking our banking sector for granted. We establish banks that should be owned by us, yet we treat them as if they belong to someone else. We are the shareholders of our banks—whether NIB, ADB, or Ghana Commercial Bank—yet we choose to do business with other banks instead.”
“When those banks make profits, the earnings go to their owners, not us. Meanwhile, we neglect our own banks, which could generate profits that we could share among ourselves. We have denied ourselves this opportunity, and that is one of the reasons our economy is facing challenges,” he emphasized.
According to the Speaker, the banking sector, as part of the private sector, plays a crucial role in driving investment and job creation, which is more sustainable than relying solely on the public sector.
The Managing Director of the National Investment Bank, Chief Dr. Doli-Wura Zakaria, also highlighted the significance of the government’s decision to recapitalize the bank to enhance its profitability and enable it to fulfill its mandate.
During the courtesy call on the Speaker of Parliament, the Managing Director revealed that, as part of NIB’s efforts to enter a strategic partnership with Parliament, interest rates will be reduced from 29% to 18%.
Additionally, personal loans ranging from 500,000 to 600,000 cedis will be made available to Members of Parliament and associated staff to improve their access to financial support.
He believes this partnership will foster the bank’s growth and contribute to Ghana’s economic development.
Story by Nana Kwaku Boffah
