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Ken Ofori-Atta Finance Minister hints of NIB, ADB merger

The Minister said a merger of the two banks could help create a development-oriented bank that will subsequently finance the government's vision of transforming the economy.

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The Finance Minister, Ken Ofori-Atta, has hinted of a possible merger between National Investment Bank (NIB) and the Agricultural Development Bank (ADB) to form the National Development Bank announced in the 2018 budget.

Speaking at a post-budget forum on Wednesday, he indicated that a merger of the two banks could help create a development-oriented bank that will subsequently finance the government's vision of transforming the economy.

"We could also look at a possible merger between the NIB and ADB into the National Development Bank to actually finance development through agriculture and industry," he said at the PwC Post Budget Forum in Accra.

READ ALSO: Vodafone CEO scores Akufo-Addo government 8/10 in economic performance

The government currently has an agenda to create a 'Ghana Beyond Aid,’ and the Minister believes that the successful establishment of the new bank would enable the government to achieve that agenda.

Ken Ofori-Atta also noted that in a bid to transform the economy, the government was also looking at setting up about "four to five big local banks."

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