Prime News Ghana

ADB & NIB will surely merge - Finance Minister

By Hagar Ofosua
merge ADB & NIB

Finance Minister Ken Ofori-Atta has reechoed governments commitment towards merging the Agricultural Development Bank(ADB), and the National Investment Bank (NIB).

 The Finance Minister announced in the 2018 budget presentation last year, that government was considering merging ADB and NIB banks to serve industry and the agriculture sectors.

However, this announcement has been met with stiff reaction from financial analysts as they believe this would lead to job losses as experienced in the recent merger of 5 banks.

Read Also: Signs of collapse of banks were clear from 2012- Economist

Speaking at the forum held at the Danquah Institute dabbed, "THE BANKING SECTOR CLEAN UP – ARE DEPOSITORS SAFE?"  the Finance Minister explained, the merger of the two banks will create a smooth atmosphere for government to implement its flagship programme, Planting for Food and Jobs.

“We are looking at NIB and ADB coming together. I think we are still on that course to do that because, at the core of that, we will then be creating that capacity to look at this whole industrialization in an organized and structured way of a strong institution that does that so that Agric and industrialization would be taken care of.” Mr Ofori Atta added.

The forum is being organised by the Danquah Institute, According to the Executive Director of the Institute, the aim of the forum is to assure depositors of the safety of their funds.

Read Also: Double track system just like 1st and 2nd church services, support it - Minister

Ghana News: Latest Business news