Government is beginning a process to redirect the focus of National Investment Bank, NIB, into an industrial development Bank.
This is to allow the bank support government's industrialization program.
This was disclosed by Minister of Trade and Industry, Alan Kyeremanteng in Accra during the swearing in of board members of the National Board for Small Scale Industries, NBSSI.
According to him, the bank will be used as a financing vehicle to promote local industries.
“Having an industrial development bank will be a key tool for government to focus funds for industrial support and also to complement the work of the Exim Bank Ghana” he said.
Alan Kyeremanteng also added “challenges facing the Micro Small and Medium Enterprises are enormous but with the support of such an institution like the NBSSI, we can overcome and make Ghana a better place for business growth”
He said the export diversification progreamme by the Akufo-Addo government is to enable small and Medium Enterprises, SMEs increase exports of value added products to international markets.
This is to take advantage of the African Growth Opportunity, AGOA by the United States and ECOWAS to improve Ghana’s foreign exchange earnings and balance of trade.
He therefore charged the Board to formulate the necessary strategies and to build effective partnerships with local and international development organissations for resource mobilization purposes.
The board is to be chaired by Ato Panford, Member of Parliament for Shama Constituency in the Western Region.
Members include Kosi Antwiwaa Yankey, Executive Director of the NBSSI, Seth Twum Akwaboah, Chief Executive of the Association of Ghana Industries.
Others include, Ama Gyamfuah Abrefa, a Legal Practitioner, Nana Osei Bonsu, George Mireku Duker, Michael Darko Yakubu Yussif.
Currently, 70% of the Bank’s portfolio is made up of loans to the Ghanaian private sector. NIB is a major lender to the manufacturing, building and construction and agro processing sectors as well as the service industry.
NIB now operates as a universal bank focusing on development/commercial banking activities. The Bank has undergone management, institutional and financial restructuring, which has strengthened the organization and now, has 49 branches and three agencies nationwide.
NIB has in the past participated in foreign lines of credit, which were administered by Bank of Ghana to meet term loan and working capital needs of the Bank’s customers.
The bank is also one of the designated financial institutions, which sources funds from Export Trade, Agriculture and Industrial Development Fund (EDAIF) for on lending to exporters as Term and Working capital loans.
Meanwhile Mr. Kyeremateng also inaugurated the Governing board of the Ghana Standards Authority chaired by Dr. Akwasi Acheampong. Members include Prof Alexander Nii Oto Dodoo, Kennedy Osei Nyarko, Iddrisu Abdulai, Mark Taylor and Dr. Alex Ampofo Donkor.
After the Governing Board of the GSA, were sworn in, Alan Kyeremanteng also inaugurated an Audit Committee of the Ministry of Trade and Industry.