NIB takes steps to support Ghana’s industrial development

Accra Mr Samuel Sarpong, the Managing Director (MD) of the National Investment Bank (NIB) has given an assurance that the bank would soon scale up its development banking mandate.

A statement from the Bank copied to the Ghana News Agency said he gave the assurance after staff of the NIB paid a working visit to the production facilities of Nestle Ghana Limited in Tema.

According to the statement, Nestle Ghana Limited is one of the industries NIB helped to establish through its equity participation and/or funding.

The visit, it explained, formed part of a range of strategies geared towards repositioning NIB to support the industrialization programme of the nation.

NIB prides itself to facilitate the setting up of a number of other well-performing industries including Novotel (now Accra City Hotel), Kabel Metal (now Nexans Kabelmetal), Aluworks, among others, the statement said.

Mr Sarpong, the statement said, indicated that the success story of the industries NIB funded over the period were available.

However, having first-hand information about how they are performing presently and understanding the current needs of industry would help us to better appreciate the type of financial support required by industries.

This will help the bank to develop appropriate financing programmes to support industrial development. That is one of the reasons why we are embarking on these visits, he said.

The statement said Mr Sarpong believed improved support for the manufacturing sector, was the surest way to help to increase the country’s production of goods, reduce imports and create employment.

He was quoted as saying: Increased support for the manufacturing sector is one of our core mandates, as NIB was actually set up to help drive and stimulate rapid industrialisation of the Ghanaian economy.

We are taking steps to ensure that the bank is put on a strong footing, and once that process is complete, we would resume what we are known for, funding viable ventures in the industrial sector, he added.

The MD was accompanied by his Deputy, Mr Alfred George Thompson and some senior management members who were warmly hosted by Ms Philomena Tan, the Managing Director of Nestle Ghana Limited, Mr Ousmane Kamara, the Director of Finance, and the management of the production facility, the statement said.

Source: Ghana News Agency