NIB and Ministry of Agriculture Strengthen Partnership to Boost Economic Growth

In a significant move to drive Ghana’s agricultural and economic transformation, the Managing Director of the National Investment Bank PLC (NIB), Chief Dr. Doliwura Zakaria, paid a courtesy call on the Minister for Food and Agriculture and Member of Parliament (MP) for Asunafo South Constituency in the Ahafo Region, Hon. Eric Opoku. The meeting focused on fostering collaboration between NIB and the Ministry to enhance financial support for the agricultural sector and strengthen investor confidence in the Bank.

Chief Dr. Zakaria congratulated the Minister on his appointment and wished him God’s guidance in his role. He reiterated the founding purpose of NIB as a vehicle for national development and emphasized that the Bank had consistently thrived under certain administrations. He further underscored NIB’s commitment to supporting key government initiatives such as the ‘Big Push’ agenda, including the potential development of a Women’s Bank. Recognizing the crucial role of the Ministry in national development, the MD urged the Minister to encourage agencies under the Ministry to bank with NIB, as their investments would bolster the Bank’s ability to drive economic growth.

The Minister of Food and Agriculture acknowledged the shared vision between the Ministry and NIB in advancing Ghana’s development. He stressed the need for strategic synergies between financial institutions and key government sectors to achieve economic sustainability. He affirmed that the agricultural sector requires strong financial backing to succeed, and NIB’s commitment to supporting agriculture would be instrumental in facilitating investments and economic expansion.

The Minister also noted concerns regarding the affordability of credit facilities, particularly for Members of Parliament (MPs), citing high interest rates as a challenge. He revealed that some MPs had struggled to repay loans, with some even resorting to pooling resources to meet their obligations. In response, Chief Dr. Zakaria assured the Minister that NIB would adjust interest rates to offer more affordable credit, demonstrating the Bank’s commitment to serving the Ghanaian people.

Additionally, the Minister highlighted concerns about the perception of NIB’s stability, noting that some stakeholders had lost confidence in the Bank. Chief Dr. Zakaria reassured him that NIB was actively addressing these concerns, particularly through its recapitalization efforts. He affirmed that the Bank was set to receive the final tranche of its recapitalization funds, which would further solidify its financial strength and credibility. This engagement between NIB and the Ministry of Food and Agriculture marks the beginning of a reinforced partnership aimed at driving national economic growth through enhanced financial support for agriculture. Both parties expressed optimism that this collaboration would yield long-term benefits for Ghana’s development.