The National Democratic Congress (NDC) Minority Caucus in Parliament has expressed strong opposition against the appointment of Tweneboah Kodua Fokuo, the New Patriotic Party’s (NPP) Parliamentary Candidate for Manso Nkwanta, as the new Managing Director for the National Investment Bank (NIB).
The Caucus in a statement issued by Dr. Kwabena Donkor, Member of Parliament for Pru East and the Ranking Member on the Parliamentary Committee on Employment, Social Welfare, and State-Owned Enterprises, vehemently expressed its concerns over what it perceives as the politicization of state-owned enterprises (SOEs) by the ruling New Patriotic Party.
The statement further posited that the appointments of Tweneboah Koduah Fokuo significantly undermine public trust in the government’s ability to effectively manage national resources.
“To appoint a Parliamentary Candidate six months into an election beggars belief. The integrity and or the lack of it in this appointment is a clear sign that the Government and the Bank of Ghana have no desire to resuscitate the ailing Bank but are only interested in milking the dying cow”.
Dr. Kwabena Donkor, MP Pru East
Furthermore, the Minority Caucus in Parliament labelled the appointment of the New Patriotic Party’s (NPP) Parliamentary Candidate for Manso Nkwanta as the new Managing Director for the National Investment Bank as a clear case of political favouritism.
Dr Kwabena Donkor, the former Minister of Power under the erstwhile Mahama’s administration stressed that the National Investment Bank requires a leadership team equipped with formidable managerial skills and a robust recovery plan to resuscitate the bank, which according to him is currently teetering on the brink of collapse.
The Minority in Parliament while expressing disapproval of Mr Fokuo’s appointment further invoked legal provisions, pointing out that the Bank of Ghana (BoG) is mandated by Act 612 to approve all senior bank appointments in the Banking and Deposit-taking Sector.
The statement consequently urged the Bank of Ghana to uphold its legal responsibility and swiftly intervene and halt the appointment in its regulatory capacity, particularly if there are suspicions of political manipulation at play.
Prioritizing Integrity in Appointment
Moreover, the opposition National Democratic Congress Minority Caucus in Parliament called on President Akuffo Addo to reconsider Mr. Fokuo’s appointment and prioritize the integrity and long-term viability of the National Investment Bank.
The statement cautioned against allowing political considerations to override the imperative of appointing competent and independent-minded professionals to key positions within state institutions.
The statement also emphasized the urgent need for all well-meaning Ghanaians to condemn the appointment of a known figure and Parliamentary Candidate of the ruling New Patriotic Party, stating that decision if allow would set a very bad precedent for future government.
“We demand the reversal of this appointment and a more transparent and impartial selection process that prioritises merit, competence and meritocracy over political affiliation.”
Dr. Kwabena Donkor, MP Pru East
Meanwhile, Bright Simmons, Vice President for IMANI Centre for Policy and Education, in an earlier remarks expressed deep concerns over the appointment of Mr Fokuo as the Managing Director for National Investment Bank.
Mr Simmons questioned the rationale behind entrusting the leadership of a struggling bank to someone whose priorities may be divided between political aspirations and the exigencies of financial management.
He argued that the appointment of the New Patriotic Party Parliamentary Candidate as the Managing Director of the Bank would do it no good as the parliamentary aspirant primary focus is likely to be on campaigning for the upcoming 2024 elections and not managing the affairs of the bank.
Mr Simmons emphasized the gravity of the situation, stressing that the appointment sends the wrong message to investors and undermines confidence in the banking sector.
