Celebrating 60 Years of Empowering Ghana’s Economy: National Investment Bank Marks Milestone Anniversary
National Investment Bank (NIB) has commemorated its 60th Anniversary, marking six decades of excellence and service to Ghana’s financial sector. The milestone anniversary themed NIB@60: Our Bank, Our Heritage, Our Pride; was commemorated with a launch and cake-cutting event at the Bank’s Head Office in Airport City, Accra on Thursday, April 20, 2023.
NIB was established in 1963 as a state-owned development bank with a mandate to provide financial assistance to key sectors of the Ghanaian economy. Over the years, the bank has played a critical role in providing financial support to various sectors of the economy, including agriculture, manufacturing, and infrastructure development.
Today, NIB has 48 branches and 3 agencies across the country and provides a full range of banking services to individuals, SMEs and Corporate clients.
In his keynote address, the Deputy Minister for Finance, Honorable Dr. John Kumah recognized the role NIB played in the economic development of the country and over the years. He assured the Board and Management of the bank of his Ministry’s continued support as it transitions to become a specialized bank focusing on industrial development.
He said “Promoting economic development requires the support of strong banks. To this end the government established the Development Bank Ghana to provide long-term funding to industry through partner banks.” Dr. Kumah reiterated the government’s commitment to support the existing development banks which is NIB and ABD to be able to support the industrial and agricultural sectors respectively.
In his remarks at the launch, the Board Chairman, Mr. kofi Owusu Sekyere, highlighted the bank’s achievements over the past 60 years, emphasizing the role played in driving Ghana’s economic growth and development. He noted that, NIB has been instrumental in supporting the government’s economic transformation agenda by providing financing for critical sectors of the economy. He noted that NIB gave birth to the Agricultural Development Bank and the Merchant Bank now UMB.
Mr. Samuel Sarpong, Managing Director of NIB highlighted the Bank’s contribution to the banking industry. He stated that “NIB has been a training ground for many of the great bankers Ghana had produced till date, including Mr. Afari Donkor (1st MD of Calbank), Mr. Albert Essien (former CEO of Ecobank Transnational Incorporated) and many others”. He emphasized that NIB “still attracts some of the best in the industry and I am proud as MD to say I have a team of astute professionals in their chosen fields who help me deliver
on my mandate.”
He added that, “We are committed to transforming this bank and place it on a sustaining growth and profitability path.” Assuring that, “the governance and control measures being implemented will ensure that the bank continues to perform well irrespective of changes in leadership” and pledged the Bank’s commitment to supporting Ghana’s economic growth and development in the coming years.
Senior Presidential Advisor and former MD of the Bank Mr. Yaw Osafo-Maafo, who graced the occasion assured that the government would continue to support NIB.
NIB’s 60th Anniversary celebration was a testament to the bank’s commitment to excellence and service to Ghana’s financial sector and was attend by the Honourable Deputy Minister of Finance, Dr. John Kumah; Senior Presidential Advisor, Honourable Yaw Osafo-Maafo, and Mr. Osei Gyasi, Head Banking Supervision, Bank of Ghana (BoG) who represented the Governor of the Bank of Ghana.
Also in attendance were the Board of Directors of NIB; Managing Director of Agricultural Development Bank (ADB) Mr. Alhassan Yakubu-Tali & Mr. Socrates Affram, Deputy Managing Director (Finance) of GCB Bank PLC (GCB).
The rest included the Chief of The Defence Staff of the Ghana Armed Forces, Vice Admiral, Seth Amoama; General Baidoo-Acheampong, Deputy Chief Staff Officer, Administration, Army Headquarters who represented Chief of the Army staff, Major General Thomas Oppong-Peprah; Commissioner of Police Madam Habiba Twumasi; Chief Staff Officer of Immigration, Mr. Lawrence Adjei Agyapong; Retired NIB Staff Association Representatives and cross section of the Bank’s cherished customers.
As the bank looks to the future, it remains focused on driving Ghana’s economic growth and development by providing innovative financial solutions to its customers and stakeholders.
As part of the anniversary celebration, the Bank has planned to organize a series of activities to engage with its stakeholders, customers and staff.