Bright Simons questions appointment of Parliamentary Candidate as NIB MD

Bright Simons, the Vice President of IMANI Africa, has questioned the rationale behind appointing a parliamentary Candidate for the 2024 election to lead a financially troubled state institution like the National Investment Bank (NIB).

Mr. Tweneboa Kodua Fokuo, the recently appointed Managing Director of NIB, is the governing New Patriotic Party’s Parliamentary Candidate for the Manso Nkwanta Constituency in the Ashanti Region.

He beat four other contenders in the party’s parliamentary primary. Mr Fokuo takes over from Mr Samuel Sarpong, who has led the NIB since 2019. His appointment takes effect on Monday, May 13.

A memo sent to the staff of the Bank explained that Mr Fokuo was appointed by “the majority shareholder. With his extensive experience, Mr. Fokuo is poised to lead us into a successful future.

“In addition, Mr. Philip Ofori-Asante has been nominated as Deputy Managing Director, following in Mr. Fokuo’s footsteps. Mr. Ofori-Asante brings considerable banking expertise, and we look forward to introducing him to the team at the appropriate time.

“Rest assured, the restructuring and transformation efforts we’ve initiated will persist under Mr. Fokuo’s capable leadership. With the invaluable guidance of the Board and Mr. Fokuo’s vision, working closely with Management, we anticipate a seamless transition and ongoing progress.”

But Bright Simons in a post on X formerly Twitter wondered why the Bank of Ghana would approve the appointment of a Parliamentary Candidate to be the CEO of a struggling state bank in an election year.

“You have a state-owned bank that has been struggling for years. It does not have enough capital & could have been shut down if it was private. Instead of bringing a turnaround specialist to fix it, Ghana govt promotes an MP aspirant who will be campaigning in 2024 as the new CEO!”