Isaac Adongo, the Member of Parliament for Bolga Central, has alleged that the appointment of the new Managing Director for the National Investment Bank (NIB), is a ploy by the president to fund the New Patriotic Party ahead of the December polls.
His comments come after Tweneboa Kodua Fokuo, a parliamentary candidate of Manso Nkwanta in the Ashanti Region, was appointed the Managing Director of the National Investment Bank (NIB).
Speaking on Eyewitness News with Umaru Sanda Amadu on May 13, 2024, the ranking member on the finance committee, Isaac Adongo, raised concerns about the president’s actions, which he believes demonstrate a disregard for the bank’s challenges.
“What I have seen the president do is constantly show the lack of faith and the desire to save NIB from its numerous challenges. What it has done now is to turn NIB into a political financing machinery for a parliamentary candidate and he doesn’t care what that does to the resources of the bank,” he stated.
Mr. Adongo further elaborated on the implications of this appointment in light of the ongoing International Monetary Fund (IMF) programme.
He suggested that the move to appoint a new managing director and advisor, coupled with a partial recapitalisation payment of 1.9 billion, is a strategic effort to demonstrate commitment to the IMF
“… all that they are doing at this point in time the IMF programme is saying that before you can get the next tranche, show commitment that you can resolve the issues with NIB by appointing a new managing director, let’s appoint a new advisor to NIB and let us send a token of about 1.9 billion as part payment for recapitalisation and go and show to IMF that this is what we have done.
This is the effort we are making, we have sacked the old MD, we have brought in a new one and we think that it will bring new leadership, never mind that he is a political person or politically exposed… never mind that it exposes the 1.9 billion funds that we are sending there. It appears to me that it is to find a way back to the NPP political financing of 1.9 billion.
“So, you put political machinery there to make sure that you secure those resources but on top of that you get rewarded by IMF that then sends you another amount of money for fulfilling certain obligations that are in your agreement,” he added.
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